Futures in New York dropped back below $69 a barrel on Tuesday after closing 0.6 per cent lower in the previous session
Oil has managed to break out from a tight range near $60 a barrel and resume its upward momentum
The official selling price for Murban is determined based on futures trading on the ICE Future Abu Dhabi exchange
Futures in London rose 0.9 per cent after capping a third weekly gain
Murban crude, pumped from onshore fields, comprises more than half of the country’s output
Prices jumped 10 per cent last week after Saudi Arabia indicated it would defend the market
Oil prices will probably continue to rise as excess inventories are used up
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