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Oil falls away from multi-year highs on surge in U.S. drilling, Iran sanctions opposition

Reuters  |  SINGAPORE 

By Henning GloysteinSINGAPORE (Reuters) - Oil prices on Monday fell away from last week's multi-year highs as a relentless rise in U.S. drilling activity pointed to increased output, while resistance emerged in Europe and Asia to U.S. sanctions against major crude exporter Iran.Brent crude futures were at $76.79 per barrel at 0648 GMT, down 33 cents, or 0.4 percent, from their last close.U.S. West Texas Intermediate (WTI) crude futures were at $70.44 a barrel, down 26 cents, or 0.3 percent.Brent and WTI last week reached their highest since November 2014 at $78 and $71.89 per barrel ...

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First Published: Mon, May 14 2018. 12:28 IST
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