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MARKET WATCH: Crude oil benchmark prices drop before US oil sanctions on Iran

Light, sweet crude oil prices dropped more than $1/bbl on the New York market Nov. 1 while Brent crude oil prices dropped more than $2/bbl in London in anticipation of US oil sanctions being fully implemented against Iran. Meanwhile, US officials agreed that eight nations—including South Korea, Japan, and India—will receive exemptions enabling them to keep buying oil from Iran after Nov. 4, Bloomberg reported.

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