Oil Heads for Weekly Decline on Plans to Delay Iranian Embargo
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Oil headed for its biggest weekly decline in a month on signs that the European Union may delay the enforcement of a ban on Iranian oil imports.
Futures have lost 2.3 percent this week after a European Union official said sanctions on Iran may be postponed by six months to allow some countries to find alternative petroleum supplies. The measures are also likely to include an exemption for Italy so crude can be sold to pay off debts to Eni SpA, the nation’s largest oil company, the official said.