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Commodities

Crude Oil Prices Plunge as Middle East Disruptions Ease

Guavy AI Editorial Team
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Oil
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Crude oil prices plummeted on Wednesday after signs emerged that more crude supplies are reaching the market, easing supply concerns.

The October WTI crude oil (CLV26) contract closed down -3.40 (-3.21%) while the October RBOB gasoline (RBV26) contract rose +0.0198 (+0.57%).

Crude prices fell sharply on Wednesday as weekly EIA crude inventories fell less than expected, and gasoline and distillate supplies rose more than expected.

The US Energy Secretary Wright said that 18 million bbl of crude oil and refined products went through the Strait of Hormuz on Tuesday, further easing global supply concerns.

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