Oil Tumbles to One-Month Low as U.S., Russia Stanch Supply Risk - Bloomberg:
Oil tumbled to its lowest in a month despite the promise of tighter sanctions on Iran, as investors saw the U.S., Russia and Saudi Arabia all potentially filling the gap.
Futures in New York fell 2.8 percent as the global supply balance looked less severe. While U.S. exemptions for several Iranian crude buyers were due to expire Thursday, data also showed American crude inventories hitting the highest level in two years while Russia missed a target for production cuts in April. Oil refiners in Asia were said to be asking the Saudis to replace Iranian barrels.
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