Sinking Crude Oil Prices Weigh on Sugar
5 Articles
5 Articles
Crude prices extend decline, fall over 5% on US-Iran talks optimism; Brent down 20% in three sessions
Crude oil prices fell over 5% on Tuesday, driven by hopes of a US-Iran diplomatic breakthrough, easing supply disruption fears. Brent crude dropped to $80.67 and WTI to $77.83, continuing a downward trend after recent military de-escalation and renewed diplomatic efforts in the region.
Brent price drops 5.56%, to 83.45 d lares per barrel, while West Texas Intermediate drops by 4.78%, to 78.66 d lares.
On Tuesday, oil prices deepened their losses, while Iran held talks on the Strait of Ormuz with Saudi Arabia and Oman, CNBC reported. Brent crude futures, the international benchmark, fell by 3.9% to $84.91 per barrel, while West Texas Intermediate (WTI) dropped by 3.3% to $79,87. According to a statement from the Ministry of Foreign Affairs published in Telegram, Iran’s leading diplomat, Seyyed Abbas Araqchi, held separate telephone conversatio…
Brent crude oil prices fell 5.8 percent to $80 a barrel as tensions eased in the Middle East and supply concerns subsided; diplomatic talks and the resumption of production in Libya were influential factors.
Sinking Crude Oil Prices Weigh on Sugar
October NY world sugar #11 (SBV26 ) on Tuesday closed down -0.03 (-0.21%), and October London ICE white sugar #5 (SWV26 ) closed down -1.60 (-0.35%). Sugar prices slid to 1-week lows on Tuesday and settled lower amid the plunge in crude oil prices. WTI crude oil (CLU26 ) sank...
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