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Saudi Arabia is vowing not to cut oil production to boost slumping prices. Danny Cox of British-based stockbroker Hargreaves Lansdown says Saudi Arabia is no longer targeting higher prices.

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Cox says other non-OPEC countries are increasing oil production.

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The country's oil minister suggested oil at 20-dollars a barrel would be acceptable. Brent crude prices are currently hovering around 60-dollars a barrel, their lowest level in five years.

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