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MARKET WATCH: NYMEX, Brent crude prices fall on rising US rig count

The light, sweet crude oil contract for October fell to settle below $70/bbl on the New York market Aug. 31 while Brent crude oil for October also dropped but still managed to settle above $77/bbl for a third consecutive trading session. Despite moderate losses Aug. 31, oil prices have risen on a weekly basis for two consecutive weeks, which analysts attribute to pending US oil sanctions on Iran scheduled to take effect in nearly November.

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