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Oil Dips Below $90
Oil prices fell below $90 a barrel for the first time since August, as optimism grew that the conflict with Iran could ease following Donald Trump’s remarks that the war was nearing an end and no further strikes were needed. Brent crude fell 2.8% to $89.95 a barrel, while West Texas Intermediate dropped 2.6% to $84.56. Prices faced further pressure after OPEC production rose by 1.38 million barrels per day in October to 22.87 million, while shipping costs remained high due to logistical risks in the Strait of Hormuz.
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