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Why Is Oil Falling Fast, Ahead of Iranian Sanctions?

Friday, 22 Jun 2012 | 2:15 AM ET

"The Iranian security bid is gone from the oil price, it has just drained out of the price and what is dominating the market right now is this very large buildup of supply that's occurred- partly Saudi Arabia, Iraq increasing and Libya back all set against the weak economic situation," Dan Yergin, chairman at IHS CERA, told CNBC.