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International benchmarks for oil prices inched down on Monday (29 August) as the Fed send a strong signal that it might lift the key interest rate soon. This pulled the US dollar up which normally cause lower crude prices. Meanwhile, hope for a mutual agreement between major oil producers to cap production output is also fading as Iraq instructed several drillers in the country to boost production.

WTI closed at $46.98/barrel (-$0.66) October delivery

Brent closed at $49.26/barrel (-$0.66) October delivery