There was a decline in the oil market before the entry into force of US sanctions against Iran

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On Friday, oil prices fell moderately based on expectations of the entry into force of additional US sanctions against Iran on November 4. Experts expect that this event will entail a drop in the supply of Iranian oil by about 1-1.5 million barrels per day. According to Bloomberg, the United States gave permission to 8 countries to continue the purchases oil in Iran. The agency also informed about the increase in oil production by 15 OPEC countries in October by 430 thousand barrels per day. All these factors affected the dynamics of oil prices. Over the past week, the Brent crude lost 6.4% of its value, WTI losses were 6.6%. On Friday, at 18:24 Moscow time, the price of Brent dropped by 20 cents to 72 dollars 69 cents per barrel. WTI oil fell 56 cents to 63 dollars 13 cents.

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