The Bussiness News

The oil market ran higher in anticipation of this week formal re-impossition of  sanctions agianst Iran by united states and on concerns that supply from producers like saudi arbia whuld not able to make up to differnce.

That changed in the last week ,the world three largest producers  Russia suadi Arabia and united states all indicated they were pumping at record or near record levels while the united states said it whuld allow waivers that it could allow buyers to keep importing Iranian oil lessing the threat of the supply crunch

After toping out at more then 75$ and 85$ barrels just a month ago both u.s crude and the brent benchmark futures have a grappled with near relentless seeling ,for a time prices had  some support on hopes that renewed u.s. sanctions on iran whuld force barrels of the market.

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