Oil gains as Iranian production comes under threat

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Oil prices are continuing to recover on Wednesday following an announcement coming from the US State Department. It urged all companies which buy oil from Iran to end their imports altogether by 4 November spurring concerns about a possible global supply deficit. Moreover, commodity traders are eagerly awaiting the weekly DoE release on oil stocks which could bring a massive drawdown taking into account what the API showed yesterday. Both WTI and Brent prices are rising 0.9% as of 12:40 pm BST.

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