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Oil Closes Below $67 as Saudis Predict `Inevitable' Supply Rise

Catherine Ngai, Grant Smith
Oil Closes Below $67 as Saudis Predict `Inevitable' Supply Rise

Crude rose for a fourth consecutive day as a halting of oil loading from two key ports in Libya offset concerns about a phase-out of supply limits by OPEC and allied producers. Futures settled 0.5 percent higher in New York, after slipping as much as 0.4 percent. Saudi Energy Minister Khalid Al-Falih said an output rise would be “inevitable” but in a way that “satisfies most importantly the market.” His Russian counterpart Alexander Novak said the increase should begin gradually on July 1.