An analyst expects prices to rise by US$20 to about US$92 a barrel when trade opens.
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The major container shipping company said it was halting passage through the narrow Strait of Hormuz in the Gulf for ‘safety’ reasons.
The V8 group in the alliance, which includes key oil producers Saudi Arabia and Russia, said they had agreed to a ‘production adjustment’ of 206,000 barrels per day.
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