Oil tumbles on Iran, Libya; worry about high supply returns
Brent futures fell 5 percent, its most in a month, on Monday as speculation of a nuclear deal that could lift Iran's sanctions and boost its oil exports brought worries about high supplies back to the market. Rising Libyan crude output and a firmer dollar also weighed on Brent. U.S. crude futures also fell but only slightly, supported by data suggesting a smaller-than-expected build last week in the Cushing, Oklahoma delivery point for oil. Players were also betting the spread between the two oils would narrow after Brent's premium to U.S. ...
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