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Oil prices fall as Middle East peace talks progress
Oil prices settled on Wednesday after some gains, amid cautious optimism about the possibility of reaching a peace agreement in the Middle East. Brent crude futures increased by 0.3% to reach $79.62 per barrel, while West Texas Intermediate (WTI) futures declined by 0.4% to $75.52, after losing over 5% in the previous session. The market is closely watching upcoming talks between Washington and Tehran, developments regarding the potential opening of the Strait of Hormuz and movement in global oil flows, as well as the surprise increase of 2.69 million barrels in U.S. oil inventories during the past week, according to the American Petroleum Institute, with American Energy Information Administration data expected to confirm these figures.
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