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Oil fell to a six-month low in London as Iran vowed to boost production immediately after sanctions are lifted and manufacturing in China slowed.

U.S. benchmark West Texas Intermediate for August delivery dropped 14 cents to $52.19 a barrel and Brent tumbled 13 cents to $56.72, both reversing an earlier uptick.

Contrary to earlier, more optimistic projections, some analysts now think the price of USA crude will linger around $60 a barrel through the end of the year.