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Energy Department raises oil price projections, citing anticipation of Iran sanctions

The Energy Department is raising its oil price projections in response to the effects of sanctions on Iran kicking in sooner than expected.

“Changes to the timing and impact of the sanctions on Iran and to U.S. crude oil production are driving the changes,” the Energy Information Administration said in its oil analysis issued on Wednesday.

A global oil supply crunch is driving the agency to adjust its projections upward from August, raising oil prices to an average of $76 and $68 per barrel for the fourth quarter. The prices reflect the Brent price, a benchmark for foreign produced oil, and West Texas Intermediate, the benchmark for the U.S., respectively…


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