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7/26, 6:46 PM (Source: TeleTrader)
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Oil decreases after US announces SPR sale

Prices of oil futures changed course on Tuesday and declined after the United States revealed that it will sell another 20 million barrels of oil from the country's Strategic Petroleum Reserve (SPR), seemingly easing worries about the global supply.

Traders also monitored the European energy situation, after the EU announced that it will be looking to decrease natural gas consumption by 15% from the beginning of August 2022 to the end of March 2023.

West Texas Intermediate (WTI) for settlements in September fell by 1.69% to sell for $95.07 per barrel at 12:28 pm ET, while Brent for deliveries in the same month lost 0.84%, going for $104.38 per barrel at 12:31 pm ET.

Baha Breaking News (BBN) / MS