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Commodities

WTI Crude Oil Prices Stable Near $81 Amid Geopolitical Tensions

Guavy AI Editorial Team
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Oil
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West Texas Intermediate (WTI) crude oil prices hovered around $81.60 in Monday's Asian session, supported by geopolitical tensions despite concerns over demand.

The International Energy Agency (IEA) and OPEC each reduced their 2024 oil demand forecasts by 200,000 barrels per day, creating a significant gap between their projections.

Market participants were cautious but focused on the Strait of Hormuz situation, with Iran's Deputy Foreign Minister Kazem Gharibabadi urging U.S. President Donald Trump to accept defeat and stop 'delusions' about declaring the waterway a U.S. territory.

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