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WTI crude falls 4% intraday to $71.54, Brent drops 3.75%

Gate data cited by Odaily Planet Daily showed both oil benchmarks sliding sharply, with WTI near $71.54-$71.70 a barrel and Brent around $76-$76.31 during the move.

Summary

WTI crude and Brent crude fell sharply intraday, according to Gate data cited by Odaily Planet Daily. WTI was reported down 4% to $71.54 per barrel, while Brent was down 3.75% and touched $76 on the downside; a newer update also described both benchmarks falling by about $1 in a short-term move, leaving U.S. crude at $71.70 and Brent at $76.31.

Terms & Concepts
  • WTI crude: West Texas Intermediate, a key U.S. oil benchmark used to price crude in North America.
  • Brent crude: A major international oil benchmark used to price much of the world's crude exports.