Oil Drops for Third Day as Iran Nuclear Accord Nears Completion
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Oil fell for a third day as Iran and world powers neared a nuclear agreement that would allow the Islamic Republic to increase crude exports in an oversupplied market.
Futures slid as much as 1.5 percent in New York. Diplomats are preparing to present the final text of an expected deal with Iran after 18 days of talks. Saudi Arabia told the Organization of Petroleum Exporting Countries it raised output to a record in June as the producer group forecast stronger demand for its members’ crude in 2016.