MTECHTIPS;-Crude Oil Prices Settle Higher to Remain on Track for Monthly Gain

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MTECHTIPS;-Crude Oil Prices Settle Higher to Remain on Track for Monthly Gain

MTECHTIPS-WTI crude oil prices settled higher Thursday as traders continued to cheer a bullish U.S. petroleum report from a day earlier and signs of tightening global crude supplies amid falling Iranian exports. On the New York Mercantile Exchange crude futures for October delivery rose 1.1% to settle at $70.25 a barrel, while on London’s Intercontinental Exchange, Brent added 0.66% to trade at $77.97 a barrel. Crude oil prices remained on track to post a monthly gain as a sharp drop in U.S. inventories and disruptions to Iranian crude exports has renewed investor bets on a possible shortage in global oil supplies, which would support oil prices. Iran’s oil exports are expected to drop from 2.7 million barrels per day (bpd) in June to just 1.5 million bpd in September, The Wall Street Journal reported earlier this week. President Donald Trump pulled the United States out of the Iran nuclear agreement in May, allowing sanctions against Iran to snap back into place. The first wave of sanctions went into effect last month and a second set of sanctions on Iran’s crude exports are slated for early November

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