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Rich Asplund

MYSTERIOUS: Crude prices slide as geopolitical risks ease - What They Never Told You

Oil United States EIA OPEC

August WTI crude oil (CLQ26) on Wednesday closed down -0.92 (-1.32%), and August RBOB gasoline (RBQ26) closed up +0.0503 (+1.74%).

Crude oil and gasoline prices settled mixed on Wednesday, with crude falling to a 4.25-month low and gasoline rising to a 1-week high. Crude prices were under pressure on Wednesday amid signs of progress in US-Iran peace talks, which have eased geopolitical risks. Also, dollar strength on Wednesday weighed on most commodity prices, including crude oil. Wednesday’s weekly EIA inventory report was mostly bullish as crude supplies fell to a 7.75-year low and gasoline stockpiles fell more than expected.

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