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Crude oil continues to tumble, partly on a lack of topside followthrough, partly on risk aversion, and partly on a report in the al-Hayat newspaper stating that Saudi Arabia will boost production in July to 10 million barrels per day (from 8.8mn in May), traders say. It's largely expected after the lack of agreement at this week's OPEC meeting, they note. The front contract holds at $99 per barrel, down from an earlier high of $102.15 and up from a low of $98.79. In May, crude posted a 31-month high of $114.83 (May 2) only to fall to $94.63 (May 6). This month, oil has traded in a $97.74 (June 7) to $103.31 (June 1) range.
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