Crude prices slumped on plentiful supplies and falling demand, before regaining some ground amid concerns of disruptions in the Mideast Gulf. US benchmark light sweet WTI fell by $3.36/bl to $56.22/bl in the week to 22 July, while Atlantic basin marker Ice Brent shed $3.22/bl to $63.26/bl. Iran’s seizure of a UK-fagged oil tanker prompted prices to rebound after earlier heavy losses, driven by fears of a further escalation of tensions in the Middle East.
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