Oil declines over a dollar as supplies rise
Oil prices declined today, with Brent futures dropping by 1.2% to $88 per barrel and West Texas Intermediate decreasing by 1.8% to $82.09. This comes despite an expected monthly increase of around 20%. The decline was amid increased maritime shipments, as 25 ships passed through the Bab al-Mandeb Strait, while shipping through the Strait of Hormuz remained limited with only two vessels crossing. The progress in the Washington and Tehran talks did not yield any significant results, impacting the global oil market.
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