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Crude oil futures end on quite note on Thursday

Crude oil futures ended almost flat on Thursday amid expectations that the US sanctions on Iran would cut global crude supplies, extending a rally in oil prices. Ahead of the re-imposition of US sanctions on Iran - expected to take place in two separate waves - on August 06 and November 05, market participants continued to expect the sanctions would cut Iran's oil exports enough to suppress global crude supplies despite a lack of support from the EU and China. Besides, there are reports that the European Commission is working on a law that bans European companies and courts from complying with US sanctions against Iran.

Benchmark crude oil futures for June delivery settled unchanged at $71.49 a barrel on the New York Mercantile Exchange. July Brent crude inched up 2 cents or 0.37 percent to settle at $79.30 a barrel on London's Intercontinental Exchange.

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