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Why the oil markets are yawning as Middle East powers rattle sabres

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Iraqis protesting in Baghdad on Monday against the execution of the Shi'ite cleric in Saudi Arabia.

London

AT almost any other time, an escalating diplomatic conflict between Opec members Iran and Saudi Arabia would mean a spike in oil prices.

That the rally this time couldn't be sustained shows just how abnormal things are in the oil market. Brent crude has fallen 0.5 per cent

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