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Reports that US sanctions, which kicked in on Aug 4, have started reducing global crude supply, sent oil prices higher today. Brent crude oil LCOc1 rose to $75.33 a barrel while U.S. WTI light crude CLc1 was priced higher at $68.33 per barrel. Talks between U.S. and Chinese officials intended at resolving trade dispute, however, had the market sit cautious. The talks ended yesterday with no major breakthrough.
