Oil falls on higher supplies, Iran diplomacy
Exports from Iran, one of the largest crude producers, have more than halved in recent years to around 1 million barrels per day in 2012 due to tightening sanctions. (File photo: AFP)/ Global oil prices fell more than $1 per barrel on Monday despite upbeat economic data from China and Europe, as higher crude output from Iraq and a possible thaw in U.S.-Iran relations boosted the supply outlook. Oil prices plummeted last week as Lybia’s production recovered to nearly 40 percent of pre-war capacity after protesters agreed to reopen major ...
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