Crude oil slides by most since June as Iran risk premium fades
Crude oil futures experienced their largest drop since June, falling 4.5% to $59.19/bbl for Nymex crude and 4.1% to $63.76/bbl for Brent crude. This decline followed President Trump's indication of postponing military action against Iran, easing supply concerns. Additionally, Venezuela is reportedly reversing oil production cuts, and U.S. crude and gasoline inventories rose unexpectedly. Analysts suggest that geopolitical changes are influencing oil market dynamics, with potential for price fluctuations in the near future.
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