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Commodities

WTI Prices Plummet Amid Profit-Taking and Inventory Drawdown

Guavy AI Editorial Team
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Oil
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WTI oil prices dropped below $83 despite ongoing geopolitical tensions in the Middle East. The price decline was attributed to profit-taking by market participants following the Federal Reserve's decision to keep interest rates unchanged at 3.5% to 3.75%. US crude inventories decreased by 7.167 million barrels, exceeding expectations and providing fundamental support to prices.

The situation in the Middle East remains volatile, with recent military developments creating potential upside risk for crude prices. However, Rabobank Senior Market Strategist Benjamin Picton notes that active Brent crude contracts responded sharply as the US extended a pause in direct action against Iran.

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