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Commodities

Oil Prices Plummet on Eased Fears of Middle East Supply Disruption

Guavy AI Editorial Team
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Oil
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Oil prices continued to decline on Thursday (Sept 17), dipping by over 1.7% as concerns over supply disruptions in the Middle East eased slightly.

This comes after Saudi Arabia announced it would be shipping extra crude cargoes through Oman, reducing fears of supply shortages.

Brent crude futures dropped $1.88 to $103.95 a barrel, while US West Texas Intermediate futures fell by $1.77 to $100.66 a barrel.

Analysts noted that the pick-up in oil flows through the Strait of Hormuz was only partially offsetting lost export barrels following drone attacks on Saudi Arabia's East-West pipeline.

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