19 Hrs
Source:
الاقتصادية
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Oil dips below $100 amid supply hopes
Oil futures prices fell below $100 per barrel for the first time since September, amid hopes of diplomatic progress regarding the Iran war and a partial improvement in oil supplies. Brent contracts dropped by 3.85% to reach $99.87, while U.S. crude contracts declined by around 6% to $95.18, marking the fourth consecutive session of declines. These expectations were accompanied by increased oil flows from the Gulf, which reached 2.9 million barrels per day through the Strait of Hormuz over the past six days. There are also indications that shipments could double to 3 million barrels per day from Ras Tanura Port, as Saudi Arabia continues to sell larger volumes of oil to Asia outside the Strait of Hormuz, helping to ease concerns about global oil supplies.
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