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Oil prices rally amid crude supply concerns


Oil prices kept rising on Tuesday, as investors worried that U.S. sanctions on Iran and tensions between the US and Saudi Arabia over the disappearance of a Saudi Arabian journalist could affect global crude supplies. 
 
The oil prices were supported by reports that Iranian crude export may be falling faster than expected ahead of new U.S. sanctions on Tehran starting from Nov. 4. 
 
According to media reports, in the first two weeks of October, Iran exported close to 1.5 million barrels per day (bpd) of crude, which is a sharp drop from 2.5 million bpd in April.
 
Meanwhile, traders kept a close eye on the relations between the US and Saudi Arabia after the disappearance of the journalist. 
 
Traders worried that worsening tensions between the two nations could result in a curtailment of global crude production. 
 
The West Texas Intermediate for November delivery rose 0.14 U.S. dollar to settle at 71.92 dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery added 0.63 dollar to 81.41 dollars a barrel on the London ICE Futures Exchange. 
 
Sources:cctvplus

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