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Barchart
Barchart
Rich Asplund

Progress Toward Reopening the Strait of Hormuz Weighs on Oil Prices

September WTI crude oil (CLU26) closed down -0.55 (-0.73%) on Wednesday, and September RBOB gasoline (RBU26) closed down -0.0134 (-0.47%).

Crude oil and gasoline prices added to this week's sharp losses on Wednesday, with crude falling to a 3-week low and gasoline dropping to a 4.75-month nearest-futures low. Growing optimism that the US and Iran are nearing a deal to reopen the Strait of Hormuz is pushing crude oil prices lower. Crude prices were also pressured on Wednesday after weekly EIA crude inventories unexpectedly increased.

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