The oil price is weakening because of fears of a supply glut next spring, Chris Weafer, senior partner at Macro-Advisory in Moscow, told New Europe on October 30.

Despite US sanctions on Iranian exports that are due to come into force on November 4, oil prices dropped again. On October 30, Benchmark Brent crude oil LCOc1 was down 70 cents a barrel at $76.64. US light crude CLc1 was down 50 cents at $66.54, Reuters reported, noting that both contracts have recovered ground over the last week b...

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