New York-October ICE Brent settled 38 cents higher at $72.21/b Monday, while September NYMEX crude settled 53 cents higher at $66.44/b as market participants focused on the impact of renewed US sanctions against Iran and dwindling Venezuelan output. The sanctions, slated to take effect on November 5, are expected to remove around 1 million b/d from the market. The US is expected to increase pressure on importers of Iranian crude to find alternate sources.
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