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Oil is sliding

Oil is sliding. Prices for WTI Crude, the US benchmark, are down by 1.2% to $49.78 per barrel as of 11:48 a.m. ET. Meanwhile, prices for Brent crude oil, the international benchmark, are down by 1.0% to $51.42 a barrel. Relatedly, Bloomberg reported on Monday that Iran wants to increase its output to 4 million barrels a day this year. Looking at story from a longer-term perspective, oil has risen in the aftermath OPEC's late September agreement to a preliminary cap on production of oil.
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