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Oil Opens Gap With Highs on Reports Saudi Arabia to Up Oil Output

COMMODITIES

WTI and Brent crude futures have opened further a gap with the day's highs as the WSJ reports that Saudi Arabia are to raise oil output as prices recover. The report cites advisers as saying the Kingdom will reverse a recent big production cut, after OPEC+ stated they would curb output by 1mln bpd earlier in the year.

The report goes on to say the announcement of a reversal in cuts will be made at the OPEC meeting in March.

WTI dips back below $60/bbl in response, with commodity-tied currencies also slipping: both CAD and NOK hit the session's worst levels against the USD.

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