Oil futures experienced their sharpest decrease since February last week, falling 6.3%, while Commodity Futures Trading Commission data showed hedge funds' net-long position in West Texas Intermediate crude falling 5% for the week ended Oct. 30, reaching the lowest point since September 2017. The US is imposing sanctions on Iran but said it will let eight countries continue purchasing Iranian oil, mitigating concerns that a shortfall could emerge.
Oil futures see biggest drop since Feb. as shortage concerns recede
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