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Oil Market Indicator Enters Bearish Structure for First Time Since February
@business reported that a closely watched oil market indicator flipped into a bearish structure. The change followed the US-Iran agreement reopening the Strait of Hormuz and increasing Middle East supply flows.
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A closely watched oil market indicator flipped into a bearish structure for the first time since February, @business reported. The shift followed the US-Iran agreement that reopened the Strait of Hormuz and boosted flows from the Middle East. Increased supply through the reopened waterway contributed to the change in market structure, according to the report.
The indicator's shift marks the first such bearish configuration in four months.
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