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Futures Movers: Oil prices end lower on rise in U.S. crude supplies, potential talks on Iran nuclear deal

Oil futures declined on Wednesday, with U.S. prices pulling back from a seven-year high after U.S. government data showed a rise in domestic crude inventories and amid reports that Iran may soon revive talks on a nuclear deal.

Wednesday’s price decline “primarily reflects traders trying to lock in their gains, rather than a change in fundamentals,” Manish Raj, chief financial officer at Velandera Energy Partners, told MarketWatch.

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