Oil prices plunged late in the week, crashing through technical support levels amid softening fundamentals around Iran sanctions and as speculators rushed for the exits. Global benchmark Brent and US marker West Texas Intermediate (WTI) both fell through technical support levels around $75 per barrel and $65/bbl, respectively. Brent fell $4/bbl on the week to $72.89/bbl, while WTI closed at $63.69/bbl Thursday for a $3.64/bbl loss. Several factors are weighing on oil prices, including a somewhat muted response to impending US sanctions against Iran, especially after Washington signaled that India would be given an exemption.
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