China’s Crude Imports Drop To Lowest Since 2018

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Oil prices are still driven by headlines, moving up and down with the latest news on the U.S.-Iran conflict. The first round of talks between the two countries in Switzerland ended with positive comments from both sides. They agreed to push for a final deal within 60 days.

But many experts are sceptical. They doubt that complex issues like nuclear technology and safe passage through the Strait of Hormuz can be fully resolved so quickly. For context, the 2015 JCPOA deal took about 20 months of formal talks under former U.S. President Barack Obama.

Brent crude for August delivery fell 4.79% to $73.39 per barrel at 2.50 pm ET on Wednesday. That was the lowest settlement since March 2nd. The corresponding WTI crude contract dropped 4.23% to trade at $70.11 per barrel.

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