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Oil Holds Near Three-Month Low as Iran Deal Seen Boosting Supply
Key Points
Oil Holds Near Three-Month Low as Iran Deal Seen Boosting Supply Oil held near a three-month low on expectations that a US-Iran deal to reopen the Strait of Hormuz will unleash a wave of supply. West Texas Intermediate traded below $77 a barrel, after sinking 16% over four sessions in the longest losing run this year. Global benchmark Brent ended below $79.
Oil Holds Near Three-Month Low as Iran Deal Seen Boosting Supply
Oil held near a three-month low on expectations that a US-Iran deal to reopen the Strait of Hormuz will unleash a wave of supply.
West Texas Intermediate traded below $77 a barrel, after sinking 16% over four sessions in the longest losing run this year. Global benchmark Brent ended below $79. The interim pact, which is due to be signed on Friday, offers Tehran broad financial incentives, including the right to sell its oil immediately.