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Sunday, 05 June 2016 - 15:55
Oil Prices Stabilize despite OPEC Failure as Saudi Arabia Treads Softly
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Oil prices edged lower, but were relatively stable after OPEC kingpin Saudi Arabia softened its rhetoric at last week’s summit in Austria.

Members of OPEC failed to agree on a new production ceiling at last week’s meeting in Vienna.

While oil prices declined initially following the meeting, they eventually stabilized after Saudi Arabia signaled it had no reason to flood the market with additional barrels.

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