Oil prices fell
Mining News Pro - With the reopening of Libyan ports and hopes for countries to get exemptions to buy oil from Iran, fell by 4% to the lowest level in the last three months.
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With the reopening of Libyan oil ports, while the countries were hoping to get exemptions from Iran`s sanctions, oil prices fell 4 percent and Brent fell to its lowest 3-month high.

At the end of the deal, with the opening of Libyan oil ports, while the countries were hoping to get exemptions from Iran`s sanctions, oil prices fell 4 percent and Brent hit its lowest 3-month high, Reuters reported.
Brent crude futures closed at $ 71.84 a barrel with a drop of $ 3.49 or 4.63 percent.
Pre-purchase price per barrel of semi-heavy crude oil Texas West American, US $ 2.95, or 4.15 percent fell below $ 70 and closed at $ 68.06.

Brent dipped it to a record low of $ 71.52 during yesterday`s session, the lowest since mid-April.

The sharp fall in prices led to the elimination of last week`s oil market profits, which had been hit by a supply disruption and strike in the oil and gas sector in Norway and Iraq.

Russia`s energy minister, Alexander Novak, told reporters Friday that in the event of a lack of supply, Russia and other major producers could increase production to 1 million barrels per day.

The news that the United States has used its strategic reserves to cope with the lack of supply and the return to Libyan oil ports has pushed for oil markets. But the strike in the Norwegian oil facilities intensified and the protests in Iraq continue.

US Treasury Secretary Steven Monocrin said Monday that his country plans to reduce Iran`s oil exports to zero, but would not want to ruin the market, and in some cases will agree to grant exemptions.

He said he clearly indicated to the allies that the United States wants them to take part in sanctions against Iran.

Manucin is expected to travel to India to negotiate sanctions.


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