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Oil prices fall below $32 for the first time in 12 years

Global oil prices fell below 32 dollars a barrel for the first time in 12 years, as Iran’s oil export ban will be lifted within weeks. In New York trade, the US benchmark West Texas Intermediate for February delivery slumped 1.75 dollars to 31.41 dollars per barrel, marking a level that was last witnessed in 2003.

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