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FILE - In this March 7, 2020 file photo, a man walks past a banner showing Saudi King Salman, right, and his Crown Prince Mohammed bin Salman, outside a mall in Jiddah, Saudi Arabia. Saudi Arabia announced Monday, May 11, 2020, it is tripling taxes on basic goods to 15% and will cut spending on major projects by around $26 billion as it grapples with blows from the coronavirus pandemic and low oil prices on its economy.
Brent, the international benchmark, also rose to its highest levels since March, when Russia and Saudi Arabia began waging an oil-price war. Energy Intelligence reported Monday that OPEC production cuts may remain in place for the rest of 2020.Crude oil prices jumped to a two-month high on Monday, reflecting output cuts and investors betting that looser lockdowns will boost demand for fuel.
Good news, Hope this positively impacts oil stocks 🤞