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Oil futures settled lower Friday in a volatile session as diplomatic progress on the geopolitical front continued to squeeze a risk premium out of the market.
NYMEX November crude futures settled 16 cents lower at $102.87/barrel, falling below key support at $103/b.
Kyle Cooper, analyst at IAF Advisors, said the $103/b level for NYMEX front-month crude has been key support since July, but with the possibility that Western sanctions against Iran could be eased, futures lacked upside support.
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