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Oil prices recovered after the previous session’s losses, with Brent crude rising 1.6% to $96.15 a barrel and West Texas Intermediate gaining 0.6% to $88.64. The gains came as investors assessed the implications of the U.S. midterm elections and political and military developments, including shipping traffic through the Strait of Hormuz. Despite the recovery in shipments, markets remain volatile amid falling inventories and rising shipping and insurance costs, with estimates pointing to a supply surplus of around 1.4 million barrels per day.
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