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US crude oil

Traders bet on oil at $100 as Iran sanctions loom

NEW YORK/LONDON: Oil traders have piled into wagers that US crude oil could surge to $100 a barrel by next year, a milestone that until recently many considered unthinkable due to record US production growth and relatively flat global demand. But the imminent return of US sanctions on Iran and bottlenecks keeping US oil from getting to market have fuelled a rally that has taken benchmark oil prices to four-year highs. While big producing nations say supply is ample, hedge funds and speculators are increasingly…