Oil turns lower after Trump says postponing attack on Iran with 'serious negotiations' underway
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Crude oil futures declined after President Trump announced a postponement of U.S. military strikes on Iran to facilitate negotiations. The July WTI contract fell 2% to $102.34/bbl, while the June contract dropped 1.2% to $107.37. The Trump administration also issued a new waiver for Russian crude sales. Analysts noted that while waivers may assist some countries, they won't significantly lower U.S. gasoline prices. Concerns over depleting oil inventories and ongoing tensions in the Strait of Hormuz continue to affect market dynamics.
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