WTI Oil Slides Toward $80 as Hormuz Traffic Increases
US crude prices are falling for a second straight day, with WTI approaching the $80 mark. Easing supply concerns in the Strait of Hormuz contributed to the decline.
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West Texas Intermediate crude drifted lower on Friday, extending its decline for a second consecutive session. Prices approached $80 a barrel, with the benchmark hitting session lows just above that level. The decline came as traffic through the Strait of Hormuz saw a mild uptick, easing some supply concerns that had previously supported prices.
The benchmark had been under pressure earlier in the week, and the positive flow news provided further downside momentum.
Source: FXStreet Forex News