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Brent prices drop on surging dollar, rising US crude stocks, jump in Iran exports

Brent crude futures were down 87 cents, or 1.8 per cent from their last settlement, trading at $48.06 per barrel at 0159 GMT. US crude futures were down 74 cents, or 1.5 per cent, at $47.45 a barrel.

However, silver dropped by Rs 600 to Rs 40,500 per kg due to reduced offtake by industrial units and coin makers.
The dollar has recovered 2.46 per cent in value from May lows against a basket of other leading currencies, reversing an almost 8-per cent fall earlier in the year.