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Oil slips from multi-year highs as US rig count rises

Updated : May 14, 2018 02:00 PM IST

Oil prices eased from 3-1/2-year highs on Monday as resistance emerged in Europe and Asia to US sanctions against major crude exporter Iran, while rising US drilling pointed to higher North American production.
Benchmark Brent crude was down 40 cents at $76.72 a barrel by 0800 GMT. US light crude oil was down 35 cents at $70.35.
"Soaring US shale output will continue to put a cap on prices," said Hussein Sayed, chief market strategist at futures brokerage FXTM.
Oil slips from multi-year highs as US rig count rises
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