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Oil slipped below $77 a barrel Friday, under pressure as higher Saudi production and trade tensions between the United States and China offset support from oil supply disruptions. Top exporter Saudi Arabia told OPEC it had raised oil output by almost 500,000 barrels per day last month, OPEC sources said, a sign Riyadh wants to make up for shortages elsewhere and dampen prices.Nonetheless, the potential trade war between the U.S. and China comes amid a tight oil market.Even so, renewed U.S. sanctions on Iran against its oil exports look set to tighten supply further.
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