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Saudi Arabia may lower August oil prices to four-month low
Reuters Agency expected the premium of Light Arab Crude to decline to between $1.5 and $3 per barrel above the average of Dubai and Oman grades during August, as Dubai's premiums fell to a discount of $1.64 per barrel—the lowest in six years—due to the resumption of shipments through the Strait of Hormuz, increased supply from the UAE, Iraq, and Qatar, along with expectations of strong Iranian exports putting downward pressure on prices.
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