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Oil Prices Mixed as Middle East Supply Risks Persist
Oil prices were mixed in early trading, with WTI futures down 0.4% at $82.06 a barrel while Brent futures rose 0.3% to $88.81.
Prices remain supported by renewed fighting in Lebanon and attacks on vessels in the Strait of Hormuz, which are raising concerns over regional supply disruptions and complicating prospects for a U.S.-Iran deal, analysts at ING said.
Speculative positioning has also turned more bullish, with money managers increasing their net long position in ICE Brent by 76,026 lots to 240,748 lots, the largest bullish position since early June, according to ING.
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