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Oil prices stabilize after heavy losses as Iran sanctions return to focus

BAGHDAD, Brent crude prices settled on Wednesday after heavy losses on the previous day as focus returned to pending US sanctions on Iran.

Brent crude was $ 76.52 a barrel, up 1 cent from the previous close.

US crude futures fell 10 cents to $ 66.33 a barrel on the back of a report by the US Petroleum Institute (API) that US crude inventories rose 9.9 million barrels last week to 418.4 million barrels.

Crude prices fell between four and five percent in the previous session.

Source: National Iraqi News Agency