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Oil slips as OPEC reportedly weighs increasing output

9 monthes ago   |   By Business Insider

Reuters/Heinz-Peter Bader
Oil prices fell more than 1% on Friday.
OPEC may boost output to try to counter a supply squeeze from US sanctions against Iran.
Watch oil trade in real time here.
Oil prices fell Friday amid reports OPEC is considering boosting coordinated output levels ahead of US sanctions against Tehran, which will effectively cut off Iranian production for much of the world.
West Texas Intermediate crude oil fell below $70 a barrel and Brent shed more than 1% after Reuters reported OPEC and other supply-cutting countries led by Russia are discussing raising production by...
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Iran put on a show of force to threaten the US - but it was unconvincing at best

Iran put on a show of force to threaten the US - but it was unconvincing at best

9 monthes ago   |   By Business Insider

REUTERS/Morteza Nikoubazl/File Photo
Iran on Friday carried out a military drill aimed at showing the US how it could shut down oil shipping in the Persian Gulf after fresh US sanctions it in November, but the display was underwhelming at best.
The US will slap Iran with sanctions on its oil exports on November 4, a date that marks six months since the US's withdrawal from the Iran deal.
Iran has threatened to block other country's oil shipments if its own shipments get blocked, and to use its military to do so.
Iran doesn't really stand a chance of achieving that and has already been hurt...
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