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Oil prices go south following production glut
It turns out that thanks to a glut of crude, even tension between Saudi Arabia and Iran, the two big oil-producing countries isn’t enough to drive prices higher.
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.Oil futures spiked briefly on Monday after the news that Saudi Arabia would cut diplomatic ties with Iran. Investors quickly discounted those fears, however.
After rising by $1.35, the price of benchmark U.S. crude ended the day down 28 cents to $36.76 a barrel on the New York Mercantile Exchange.
Brent crude, reflecting the price of international oils, dipped 6 cents to close at $37.22 a barrel in London.
Oil prices are likely to remain about where they are until either production drops or the world economy perks up and drives demand higher.
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