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ICBC Global Market: Oil and Other Commodities Market Update - July 12, 2018

Oil prices fell on Wednesday as escalating trade tensions threatened to hurt world economy, and news that Libya would reopen its ports and U.S. would lift its sanction against Iran raised expectations of growing supply. Front-month U.S. West Texas Intermediate crude futures tumbled 4.85 percent at $70.61 a barrel. Front-month Brent crude futures plunged 5.95 percent to $74.17 a barrel. The spread between the two benchmarks stood at $3.56 a barrel.


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