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Oil Holds Near Four-Year High Amid Falling Iranian Exports

  • U.S.-Mexico-Canada Agreement boosts sentiment for oil market
  • Drop in Iranian exports and tightening market stokes concerns
Bloomberg business news
Commodities have been on a tear recently. Bloomberg’s Stephen Stapczynski and James Poole report.(Source: Bloomberg)
Updated on

Oil took a breather from its ascent to the highest level in almost four years, as investors weigh OPEC’s ability to replace falling Iranian exports.

Iranian crude and condensate exports declined to their lowest in 2 1/2 years before the impending return of U.S. sanctions. Meanwhile, the new U.S.-Mexico-Canada Agreement, which superseded the 24-year-old North American Free Trade Agreement, eased some concerns about global commerce. In the U.S., the industry-funded American Petroleum Institute was said to report domestic crude inventories rose 907,000 barrels last week.