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Oil falls on oversupply worries despite Iran sanctions

Oil prices headed for a third weekly loss on Friday after Saudi Arabia warned of oversupply, while a slump in stock markets and concerns about trade clouded the outlook for fuel demand.

Brent crude oil (LCOc1) was down 70 cents at $76.19 per barrel by 0740 GMT, on course for a weekly loss of more than 4 percent. It has fallen by close to $10 in the last three weeks.

U.S. crude (CLc1) was 70 cents lower at $66.63, set for a 3.5 percent loss this week.

"The near $10 per barrel drop in Brent crude seen over October is a spillover from the global sell-off in equities," Fitch Solutions said in a note to clients.

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