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Oil brought up by expectations of supplies reduction due to sanctions against Iran

Prices of oil heightened today after the return of U.S. sanctions on Iran, which is anticipated to cut supplies globally.

Photo: Reuters

Brent futures stood at $74.17 a barrel, after the 42-cents rise compared to the previous settlement.

U.S. WTI futures were at $69.31 per barrel, showing a 30-cents lift.

Washington’s sanctions on Iran, which exported close to 3 mln barrels of oil daily last month, took effect today. Renewed sanctions against Iran would play a key role for prices in the near time, with supplies falling by 600,000-1,500,000 barrels a day, ANZ said today.


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