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🇪🇨 Ecuador /Economy & Trade

Oil prices drop over 6% to $82.64 amid peace hopes

From El Comercio · () Spanish

Translated from Spanish, summarized and contextualized by DistantNews.

At a glance

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  • Brent crude oil prices fell by more than 6% to $82.64 per barrel on Tuesday, driven by hopes of renewed peace negotiations.
  • This drop follows a previous decline of 8.7% and brings prices below $83 for the first time since June 19.
  • Despite recent falls, Brent crude has appreciated nearly 14% since the start of the war, while West Texas Intermediate also saw a significant drop.

Global oil prices experienced a significant downturn on Tuesday, with Brent crude, the European benchmark, dropping over 6% to settle below $83 per barrel. The price for September delivery fell to $82.64, marking a notable decrease from its recent highs.

This decline is attributed to renewed optimism surrounding potential peace negotiations, which has eased concerns about supply disruptions in the Middle East. The market reacted to a pause in attacks, fueling hopes for a de-escalation of regional tensions. This drop follows a substantial 8.7% decrease on the previous day, bringing the price of Brent crude to its lowest point since June 19.

Despite these recent price corrections, the overall trend for Brent crude since the conflict began has been upward, with an appreciation of nearly 14%. The West Texas Intermediate (WTI), the U.S. benchmark, also saw a considerable drop, falling 5.33% to $78.21 per barrel. Natural gas prices also retreated, with the TTF benchmark down 0.74%.

DistantNews Editorial

Originally published by El Comercio in Spanish. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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