Donald Trump’s plan to keep oil prices low before next week’s U.S. midterm elections seems to be working, with crude starting November at near 7-month lows after the president’s own assessment that sanctions against Iran won’t bite. Record high production of U.S. crude also is adding to the market’s slide.
Trump said in a presidential memorandum on Wednesday there was sufficient supply of petroleum and petroleum products from nations other than Iran to permit a reduction in purchases from Tehran. India and South Korea agreed with the U.S. on the outline of deals that would allow them to keep importing some Iranian oil after this weekend, Bloomberg reported.
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