Crude oil price to slump? Prices set for biggest weekly drop since...

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Crude oil price to slump? Prices set for biggest weekly drop since March 2023; supply risk premium from Israel-Iran conflict fades

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Oil prices are set for their largest weekly decline since March 2023 as concerns about supply disruptions from the Iran-Israel conflict have diminished. Despite a slight intraday increase, both Brent and WTI crude benchmarks are poised for a roughly 12% weekly drop. Analysts cite an oversupplied market and revised price forecasts, while U.S.

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