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Oil price slips as glut worries eclipse Saudi-Iran tension

Oil prices have fallen as worries about oversupply outweighed escalating tension between major oil producers, Saudi Arabia and Iran. Global oil benchmark Brent slipped six cents to 37 dollars and 22 cents a barrel in London on Monday. Energy futures specialist Tim Evans pointed out the Saudi-Iran tension makes it “somewhat more difficult” for OPEC to reach an agreement that could limit supplies.

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