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Investors are closely monitoring the scale of the fall in Iranian exports as the deadline approaches for U.S. sanctions
Oil prices retreated sharply from four-year highs Thursday due to broader market selling and concerns that recently rising U.S. oil inventories will keep climbing throughout the low-demand fall season.
Light, sweet crude for November delivery ended 2.7% lower at $74.33 a barrel on the New York Mercantile Exchange. Brent crude, the global benchmark, ended 2% lower at $84.58 a barrel.