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NYMEX CRUDE SETTLES BELOW $30/B FOR FIRST TIME SINCE 2003, DOWN 10.5% ON WEEK

Front-month NYMEX crude settled below $30/b for the first time since December 1, 2003, as a wave of selling spread across futures and equities markets, while reports of an imminent implementation of the Iranian nuclear deal added to supply glut concerns.

NYMEX February crude settled $1.78 lower at $29.42/b and ICE March Brent — which is now the prompt contract — settled down $1.94 at $28.94/b.

During trading, WTI fell as low as $29.13/b, last lower in November 2003, while Brent touched $28.82/b, the lowest level since February 2004.

Both contracts shed significant value over the course of the week, with WTI dropping $3.46, or 10.5%, from last Friday’s settle and Brent sliding $4.61, or 13.7%.

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