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The Economic Times

Markets / The Economic Times

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Oil prices drop as U.S. crude inventories show an increase

Oil prices saw a slight dip on Wednesday morning. This followed reports of a rise in U.S. crude inventories. Meanwhile, Iraq and the Kurdistan Regional Government agreed to resume oil exports. Libya's National Oil Corporation confirmed production continues despite a fire. Developments involving Iran and U.S. military actions near the Strait of Hormuz are also noted.

18 Mar 2026 7:22 am