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MARKET WATCH: Oil prices rise modestly pending US crude sanctions on Iran
Oil & Gas Journal: Light, sweet crude oil for September delivery rose modestly on the New York market Aug. 20 to settle above $66/bbl while market participants anticipate a loss of Iranian crude exports after unilateral US sanctions are implemented. Brent crude oil for October also rose modestly, settling above $72/bbl in London Aug. 20.
US President Donald Trump in May announced a US exit from an international agreement that lifted sanctions in exchange for Iran’s cooperation regarding its nuclear program.
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