Oil still hovers above $70 with US shut-in output

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Oil prices are still trading at above $70 even as Opec+ is increasing production and data showed that Saudi oil exports are on the rise, due to the impact of hurricanes Nicholas and Ida on the US offshore production, Arab News reported.

Brent crude was down 54 cents, or 0.7 per cent, at $74.92 per barrel, while WTI slipped by 67 cents, or 0.9 per cent, to $71.94 after climbing to the highest since Aug. 2 on Wednesday.

US Gulf energy companies have been able to restore pipeline service and electricity quickly after Hurricane Nicholas passed through Texas early this week, allowing them to focus on efforts to repair the damage caused weeks earlier by

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