Oil drops near four-month low

Oil prices declined today, continuing their downward trend near their four-month lows, amid expectations that the stranded oil tankers in the Gulf will soon be able to pass through the Strait of Hormuz. Brent crude fell to around $76.71 per barrel, and West Texas Intermediate to $72.85, influenced by hopes of easing tensions between Washington and Iran and a decrease in the risks to oil supplies from the Gulf. Additionally, data showed that U.S. oil inventories decreased less than expected, further putting pressure on the market.

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