Oil prices pulled down by surging output, but Iran sanctions loom (POWERCOMMODITY.COM)

http://www.powercommodity.com/

Oil prices fell on Friday as surging output by the world’s three largest producers outweighed supply concerns from the start of U.S. sanctions next week against Iran’s petroleum exports.

“Crude oil prices took a severe hit as investors were unnerved on rising global inventories and record high output in 2018,” said Benjamin Lu of brokerage Phillip Futures.

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