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Oil (WTI): calm before storm in Strait of Hormuz
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See also: InstaForex trading indicators for WTI (CL) The oil market is living through a dramatic week. West Texas Intermediate (WTI) prices corrected lower on Tuesday, consolidating around $101–$102 per barrel after Monday's powerful rally, which was triggered by an escalation in military confrontation in the Strait of Hormuz. The reason for the correction is a temporary easing of fears about immediate supply disruptions, but the underlying geopolitical tension remains extremely high, keeping prices well above the psychological $100 level. Fundamental backdrop:
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