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Oil resumed its decline after Iran carried out a missile strike in Iraq following the suspension of nuclear talks, while Russia’s bombardment of Ukraine prompted more calls to sideline the OPEC+ producer.

Futures in New York fell below $108 a barrel after rising 3.1% Friday following a tumultuous week that saw prices whipsaw wildly. The halt of nuclear talks dashed hopes for a swift return of more supply to a tight market reeling from the war in Ukraine. Senior American and Chinese officials meet Monday as the Biden administration seeks to enlist China to help end the crisis.

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