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Oil Crashes On Rehashed Report US, Iran Near Deal Allowing Tehran To Export 1MM Barrels For Reduced Uranium Enrichment
With the proverbial well of bearish oil news running dry, the market has had to resort to some "old faithful" narratives like for example, pariah state Iran preparing to flood the market with oil any minute. Sure enough, moments ago oil crashed more than $4 because the Middle East Eye, of all places, reported that "Iran and the United States are nearing a temporary deal that would swap some sanctions relief for reducing Iranian uranium enrichment activities, two sources with direct knowledge of the talks told Middle East Eye." We have, of course, seen hundreds of such reports in recent years, only to have them all ... (full story)