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flag Oil prices fall as US threatens sanctions on Russia over Ukraine conflict, despite OPEC production boost.

flag Crude oil prices dropped as a US deadline for Russia to agree to a ceasefire with Ukraine approached, threatening sanctions on Russian oil exports. flag Russian refineries were damaged by Ukrainian drone strikes, leading Russia to increase crude oil exports from its western ports. flag Despite this, OPEC’s decision to boost production is expected to have little market impact. flag The US continues to pressure India and China to reduce their Russian oil imports, while Russia faces financial strain from lower oil revenues and mounting sanctions.

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