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Oil drops as Middle East exports rise
Oil prices declined today, Monday, due to increased exports from the Middle East and the G7 countries' decision to draw from emergency reserves. As a result, the price of Brent crude fell by 0.65% to $101.59 per barrel, and West Texas Intermediate dropped by 1.03% to $90.12. This wiped out most of the week's gains following the G7 nations' announcement to withdraw 100 million barrels from their reserves.
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