US crude futures drop to $70.34
Global oil prices have fallen sharply, with the price of Brent crude dropping by 1.6% to nearly $79 a barrel, and West Texas Intermediate surpassing $91. After progress in talks in Switzerland and a resumption of oil flows through the Strait of Hormuz, markets responded positively. This came at a time when U.S. stock index futures declined between 1% and 1.9%.
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