17 Hrs
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المشهد العربي
Oil prices fall due to reserve drawdown
Oil prices declined significantly on Tuesday, with Brent crude dropping to $98.45 per barrel and WTI (West Texas Intermediate) falling to $87.73. This decrease was due to an emergency stock draw declared by the G7 to boost global supply. Meanwhile, concerns are rising over increasing attacks on oil tankers near the Strait of Hormuz, which are driving up insurance costs and impacting supply flows. Markets are also awaiting the release of U.S. oil inventory data from the American Petroleum Institute and the Energy Information Administration, which could influence future prices.
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