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The U.S. Commerce Department announced on Tuesday that the sales of new single-family homes increased 4.5 percent m-o-m to a seasonally adjusted annual rate of 692, 000 units in March, as lower mortgage costs helped buyers afford properties. That was the highest reading since November 2017. Economists had forecast the sales pace of 650,000 last month.
Gulf oil producers are committed to market stability and have the capacity to raise output, but any decision to boost production has to be a measured one depending on demand, the sources told Reuters. “The question is how fast and by how much will OPEC raise output. This still needs to be done after consultations with other countries,” one source said. “It needs to be discussed and studied.
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