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 Oil slipped below $80 a barrel on Monday as Saudi Arabia pledged to raise its crude production to a record, two weeks before U.S. sanctions potentially choke off Iranian crude supplies.
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Oil hovered around $80 a barrel on Monday, lifted by a diplomatic crisis between Saudi Arabia and the West, just two weeks before U.S. sanctions potentially choke off Iranian crude supplies.
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Oil prices rose on Monday as markets were expected to tighten once U.S. sanctions against Iran's crude exports are implemented next month.
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