India, June 24 -- Extending the losses from previous three sessions, crude oil prices have plummeted on Wednesday as shipping traffic picks up across the Strait of Hormuz after its reopening following last week's U.S.-Iran Memorandum of Understanding.
WTI Crude Oil for August month delivery was last seen trading down by $2.87 (or 3.92%) at $70.34 per barrel.
Last Wednesday, the U.S. and Iran signed a Memorandum of Understanding to extend the already-agreed ceasefire for a period of 60 days and to discuss all contentious issues during this interval.
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