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Oil drops on surprise US stockpile rise, but Middle East tensions support

Updated : May 15, 2019 10:37 AM IST

Organization of the Petroleum Exporting Countries (OPEC) on Tuesday said that world demand for its oil would be higher than expected this year.
Oil prices have drawn support after Saudi Arabia on Tuesday said armed drones struck two of its oil pumping stations, two days after the sabotage of oil tankers near the United Arab Emirates, while the US military said it was braced for "possibly imminent threats to US forces in Iraq" from Iran-backed forces.
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