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Oil prices fall after Trump backs down on stance on Iranian sanction waivers

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Oil prices fell on Wednesday, with Brent dropping by more than $1, after the United States said it would consider requests for waivers from sanctions due to snap back into place on Iranian crude exports.

Brent crude futures LCOc1 were down $1.10, or 1.4 percent, at $77.76 a barrel by 0112 GMT. U.S. crude CLc1 was down 68 cents, or 0.9 percent, at $73.43.

Both contracts had posted gains earlier in the previous session after industry data showed inventories fell more than expected last week in the United States.

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Washington will consider requests from some countries to be exempted from sanctions it will put into effect in November to prevent Iran from exporting oil, U.S. Secretary of State Mike Pompeo said on Tuesday.

“There will be a handful of countries that come to the United States and ask for relief from that. We’ll consider it,” Pompeo said, according to the text of an interview in Abu Dhabi with Sky News Arabia released by the U.S. State Department. He did not identify any countries.

Washington had earlier told countries they must halt all imports of Iranian oil from Nov. 4 or face U.S. financial measures, with no exemptions.

The U.S. pulled out of a multinational deal in May to lift sanctions against Iran in return for curbs to its nuclear program.

Later on Tuesday, after arriving in Brussels for a NATO summit, Pompeo stressed the need to keep up pressure on Iran in coordination with allies. He also planned to reassure allies about alternative oil supplies.

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Efforts by the Organization of the Petroleum Exporting Countries (OPEC) and other producers have led to a tighter oil market after a persistent glut.

With the impending sanctions on OPEC member Iran and supply disruptions from Canada to Libya, prices have risen and sparked fears of shortages, amid rising demand.

U.S. crude inventories fell last week by 6.8 million barrels, according to data from industry group, the American Petroleum Institute.

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That decline was larger than expected, causing crude futures to gain in post-settlement trading. [API/S]

Analysts polled by Reuters forecast that crude stocks fell on average by 4.5 million barrels, ahead of government data at 10:30 a.m. EDT (1430 GMT) on Wednesday. [EIA/S]

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Reporting by Aaron Sheldrick; Editing by Joseph Radford


Report typos and corrections to: [email protected].
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US planning to slash troops in Germany: report

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US President Donald Trump has ordered the Pentagon to slash the number of troops it maintains in Germany by more than a quarter in the coming months, the Wall Street Journal reported Friday.

The newspaper said the Defense Department would cut the number of military personnel by 9,500 from the current 34,500 permanently assigned to Germany postings.

The Journal also said a cap of 25,000 would be set on how many US troops could be inside German at any one time, whether in permanent postings or temporary rotations, half of the current allowance.

The move would significantly reduce the US commitment to European defense under the NATO umbrella, though it could also impact Pentagon operations related to Africa and the Middle East.

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Manhattan DA announces protesters arrested by NYPD will not be charged: ‘Our office has a moral imperative’

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The Manhattan District Attorney announced on Friday that his office would not be prosecuting protesters arrested for low-level crimes.

Manhattan District Attorney Cy Vance, Jr. announced that Unlawful Assembly and Disorderly Conduct would not be prosecuted during the demonstrations over police violence.

"“The prosecution of protestors charged with these low-level offenses undermines critical bonds between law enforcement and the communities we serve. Days after the killing of George Floyd, our nation and our city are at a crossroads in our continuing endeavor to confront racism and systemic injustice wherever it exists. Our office has a moral imperative to enact public policies which assure all New Yorkers that in our justice system and our society, black lives matter and police violence is a crime. We commend the thousands of our fellow New Yorkers who have peacefully assembled to demand these achievable aims, and our door is open to any New Yorker who wishes to be heard," Vance said in a statement.

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Chicago Police Board president files complaint alleging he was struck 5 times by cops at George Floyd protest

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On Friday, WTTW reported that Ghian Foreman, the president of the Chicago Police Board, has filed a complaint alleging he was beaten in the legs five times by police officers at a protest against the killing of George Floyd last Sunday.

The Chicago Police Board is an independent civilian commission that has power over police disciplinary cases.

"Foreman filed a complaint with the Citizens Office of Police Accountability alleging that he was struck by at least one officer during a protest sparked by the death of George Floyd in the custody of Minneapolis police, said Ephraim Eaddy, a spokesperson for the agency," said the report. "Foreman’s complaint, which identifies the officer Foreman said struck him, is one of 344 complaints of police misconduct filed with COPA between midnight May 29 and 7 a.m. Friday, Eaddy said. The complaint itself is confidential."

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