Oil gains from Saudi-Iran row snuffed out by Asia factory data

January 4, 2016 9:23 AM

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Oil gains from Saudi-Iran row snuffed out by Asia factory data

LONDON Oil prices eased on Monday after data showed some of Asia's largest economies are struggling, which offset a boost from a breakdown in diplomatic ties between Saudi Arabia and Iran that some believed could result in supply restrictions.

Saudi Arabia, the world's biggest oil exporter, cut diplomatic ties with Iran on Sunday in response to the storming of its embassy in Tehran. The diplomatic row between the two major oil producers escalated following Riyadh's execution of a prominent Shi'ite cleric on Saturday.

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