Oil is set for the largest quarterly price drop in 6 years as historic supply crunch eases
AI Summary
Oil prices are set for the largest quarterly decline in six years as the historic supply constraints ease. Factors include workarounds at the Strait of Hormuz and reduced crude imports to China, alleviating the impact of lost Persian Gulf oil.
Workarounds for the Strait of Hormuz chokepoint and a drop in crude imports to China helped ease the impact of lost Persian Gulf oil.
Markets Commodities Energy oil prices quarterly decline supply crunch Strait of Hormuz crude imports energy market