Oil Inventories Drop in US
The article reports that U.S. oil inventories decreased by 3.3 million barrels in the week ending July 24, according to data from the American Petroleum Institute, with gasoline and distillate inventories rising. Tensions between the United States and Iran, along with the war-like situation at the Strait of Hormuz, have caused fluctuations in oil prices. Prices fell by 5% after the ceasefire in clashes between the two sides at the beginning of the week, increasing the chances of a diplomatic solution to the crisis.
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