5 Hrs
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Oil down 9% on Iran hopes
Oil prices fell about 9% on Wednesday as hopes grew that the war with Iran could end and investors awaited Washington’s moves following the midterm elections. Brent crude dropped 8.9% to $94.29 a barrel, while West Texas Intermediate fell 7.8% to $88.54. Comments by Donald Trump that he did not currently intend to attack Iran, together with increased oil exports from the Middle East, helped put downward pressure on prices.
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