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Commodities

Oil Prices Drop Amid Weak Global Cues and Venezuela News

Guavy AI Editorial Team
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Oil
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Crude oil futures fell nearly 1% on Friday due to weak global cues and news about a potential US role in Venezuela's oil industry.

The price decline was also influenced by easing fears of a wider war between the US and Iran, as Washington shifted from military to economic pressure.

Anindya Banerjee, Head of Commodity and Currency Research at Kotak Securities, said that the market is moving away from extreme conditions although underlying supply remains tight.

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