Brent holds close to almost four-year highs, while US crude loses ground
Tokyo — Oil benchmark Brent traded little changed on Wednesday after rising to its highest in nearly four years in the previous session while US crude futures fell as US officials tried to assure that the market would be well-supplied before sanctions are re-imposed on producer Iran. Brent crude futures were down 4c at $81.83 a barrel by 3.42am GMT, after gaining nearly 1% the previous session. Brent rose on Tuesday to its highest since November 2014 at $82.55 a barrel. US crude futures were down 13c, or 0.2%, at $72.15 a barrel. They rose 0.3% on Tuesday to close at their highest level since July 11. The US will apply sanctions to halt oil exports from Iran, the third-largest producer in Opec, starting on November 4. The pending loss of Iranian supply has been a major factor in the recent surge in crude prices. US officials, including President Donald Trump, are trying to assure consumers and investors that enough supply will remain in the oil market while requesting producers rais...
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