Urgent supply concerns impact oil prices

Global oil prices are heading downward due to increased spot supply resulting from Iran's pledge to boost its oil exports to markets outside of China after a temporary agreement with the United States to de-escalate tensions in the Strait of Hormuz. Prices for Dubai, Oman, and Murban crude have come under pressure, declining as lingering shipments and sufficient Asian refinery reserves through August dampened market demand, leading to a narrowing of the spreads between spot and futures prices. Data also indicated a decline in U.S. oil exports to Asia during the third quarter.

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