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Brent Oil Prices drop on Iran deal

CMC Markets

Brent Crude prices have dropped sharply after closing at four week highs at the end of last week after weekend news that Iran had reached a deal with respect to restrictions on its nuclear program. On Friday the gap between US WTI prices and Brent prices was at a 9 month high at over $16, and there are hopes that this deal if it goes through will close the gap back to the levels last seen in mid July when the gap closed right up to $0.50

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