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Oil down for 9th session, WTI holds $60

Oil down for 9th session, WTI holds $60

Mubasher: Oil prices fell on Thursday for the ninth consecutive session, due to signs of a buildup in market supplies.

A drop in crude prices by more than 1.5% is due to a surge in American production, as well as the recent exemptions by the United States to eight countries from the sanctions on Iranian oil.

Nymex futures for December delivery declined by 1.6% to the level of $60.67 per barrel.

Many analysts anticipate that the American crude will not be able to maintain the $60 support level.

Meanwhile, Brent crude futures for January delivery decreased by 1.9% to $70.71 a barrel.