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Oil Holds Near Three-Month Low as Iran Deal Seen Boosting Supply

Oil Holds Near Three-Month Low as Iran Deal Seen Boosting Supply
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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.
Iran (LOCATION) US (LOCATION) the Strait of Hormuz (LOCATION) Brent (ORG) Tehran (LOCATION)
Originally published by Bloomberg Markets Read original →