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US-China trade deal may send Brent crude prices to $70 level

Crude prices ended the week on a positive note after news from Saudi Arabia that it’s planning to reduce its output to 9.8 million bpd for March, over half a million bpd below its pledged production level under a global supply-cutting deal.

The March production figure means Saudi would be voluntarily cutting output by more than 5,00,000 bpd below its pledged production level under a deal between Opec and allies led by Russia. Exports would fall in March to 6.9 million bpd. Saudi Arabia produced 10.1 million bpd of crude oil in February, well below its quota under an Opec/non-Opec supply accord of 10.31 million bpd.

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