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Oil prices fall as Iranian crude tanker exports surge, U.S. adds more rigs

09 January 2017 [12:34] - TODAY.AZ

By  Trend


Oil prices fell early on Monday as Iran increased exports undermining efforts by other oil producers to curb a global fuel supply overhang and as U.S. drillers increased activity for a 10th week, Reuters reported.

Brent crude futures LCOc1, the international benchmark for oil prices, were trading at $56.97 per barrel at 0019 GMT, down 13 cents from their last close.

U.S. West Texas Intermediate (WTI) crude oil futures CLc1 were trading at $53.79 per barrel, down 20 cents.

Traders said that the lower prices were a result of rising exports from Iran that come just as other members of the Organization of the Petroleum Exporting Countries (OPEC) cut supplies in an effort to end a global glut.

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