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Savoring Success with Taste Nova Scotia Culinary Ambassador Amy Savoury | SaltWireSINGAPORE - Oil prices edged up on Monday after top exporters Saudi Arabia and Russia said they would stick to extra voluntary oil output cuts until the end of the year, keeping supply tight, while investors watched out for tougher U.S. sanctions on Iranian oil.
Following the Saudi statement, Moscow also announced it would continue its additional voluntary supply cut of 300,000 bpd from its crude oil and petroleum product exports until the end of December. "The risk premium associated with the geopolitical backdrop has completely vanished after two weeks of volatile prices," ANZ analysts said in a note.This week, investors are eyeing more economic data from China after the world's No. 2 oil consumer released disappointing October factory data last week.
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