Oil prices dip on surging Iran sales, but looming Opec deal offers support
SINGAPORE — Oil prices dipped early on Tuesday, weighed down by a rise in Iranian exports that adds to a global supply overhang, although a planned OPEC-led supply cut later this year has lent crude some support.International Brent crude oil futures were trading at $50.79 per barrel at 12.15am GMT, down 10c from their previous close.US West Texas Intermediate crude was down 15c at $48.66 a barrel.Traders said prices were dented by the latest rise in Iranian crude and condensate sales, which likely reached about 2.8-million barrels per day (bpd) in September, almost matching a 2011 peak in shipments before sanctions were imposed on the OPEC producer.However, analysts said Iran will struggle to boost output further and reaching pre-sanctions levels makes it more likely Tehran will agree on some form of production constraint with other members of Opec, including its regional rival Saudi Arabia, which is also pumping oil near record levels.There was optimism that Opec producers, and per...
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