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Commodities

Crude Oil Prices Slide Amid Increased Strait Traffic

Guavy AI Editorial Team
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Oil
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Crude oil prices dropped on Thursday after an overnight advance due to increased traffic through the Strait of Hormuz. The September WTI crude oil (CLU26) closed down -0.87 (-1.03%) and September RBOB gasoline (RBU26) closed down -0.0945 (-2.93%).

The decrease in prices came after Pakistan's Foreign Ministry said negotiations between the US and Iran are 'ongoing' to restore stability, particularly in the Strait of Hormuz.

Shipping through the strait has picked up in recent days, with 14 commodity vessels transiting the waterway on Wednesday, up from single digits last week, according to Kpler. The increase in traffic is a bearish factor for oil prices.

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