The focus scale has weighted towards the gloomy global economic landscape. But a deteriorating geopolitical situation is keeping a floor under prices. Coming against the backdrop, last week, of OPEC’s downward revision of demand, IEA’s Q4 cut in its demand outlook, further darkened the view. Adding to the downside pressures on oil prices was the jump seen in Iranian oil exports, which rose by a third to 1.3MM bpd in October
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