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Oil Extends Biggest Weekly Drop Since March as Iran Deal Looms

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Oil extended the biggest weekly drop since March as investors weighed the prospects of Iran increasing exports in an oversupplied market.

U.S. and Iranian diplomats signaled they’d let slip their chance to seal an accord by their latest self-prescribed deadline. Saudi Arabia told OPEC it raised oil production to a record. Gasoline dropped as more tankers were hired to ship the fuel to the U.S.