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Oil prices rose about 1% on Tuesday after top exporter Saudi Arabia said OPEC+ was sticking with output cuts and could take further steps to balance the market.  However, prices pared gains late in the session after Bloomberg reported that the European Union watered down its latest sanctions proposal for a price cap on Russia's oil exports by delaying its full implementation and softening key shipping provisions.  In focus later will be the latest weekly snapshots of supply in the United States, which are expected to show crude inventories fell by 2.2 million barrels.

Oil rises 1% as OPEC+ focus on supply cuts outweighs recession concerns

Oil prices rose about 1% on Tuesday after top exporter Saudi Arabia said OPEC+ was sticking with output cuts and could take further steps to balance the market.  However, prices pared gains late in the session after Bloomberg reported that the European Union watered down its latest sanctions proposal for a price cap on Russia’s oil exports by delaying its full implementation and softening key shipping provisions.  In focus later will be the latest weekly snapshots of supply in the United States, which are expected to show crude inventories fell by 2.2 million barrels.

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