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Oil holds near $72 on rising US inventories, Iran sanction waivers

The US reimposed sanctions against OPEC member Iran's oil exports on Monday. Having initially talked of cutting shipments to zero, Washington gave waivers to eight customers, allowing limited imports

Henning Gloystein | Reuters  |  LONDON 

Oil held around $72 a barrel on Wednesday, close to its lowest since August, as rising U.S. inventories and sanction waivers allowing Iran to keep exporting crude reinforced an outlook for ample supplies. The American Petroleum Institute, an industry group, said on Tuesday U.S. crude stocks rose by 7.8 million barrels last week, more than analysts had forecast. The government's official supply report is due at 1530 GMT. Brent crude, the global benchmark, slipped 7 cents to $72.06 a barrel by 0926 GMT. The contract hit $71.18 on Tuesday, the lowest since August 16. U.S. ...

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First Published: Wed, November 07 2018. 15:15 IST