1557 ET - Sanctions placed on Iranian oil by the EU were overshadowed by reports of OPEC+ increasing the production coming out of member oil refineries. "It appears that the market wants to believe that OPEC is going to flood the market," says Phil Flynn of Price Futures Group in a note. Some 137,000 new barrels of oil a day are expected to come onto the market from this production increase, says Flynn -- although he questions how reliable these reports are. "The market seems to get these headlines every time oil is ready to break out on the upside," Flynn says. Crude oil prices settle down 3.5% to $63.45 a barrel. Brent Crude falls 3.1% to $67.97 a barrel. (kirk.maltais@wsj.com)
(END) Dow Jones Newswires
September 29, 2025 15:57 ET (19:57 GMT)
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