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Oil Prices Plunge as U.S. Elections Shake Up the Iran War
December WTI crude oil is headed for one of its roughest weekly losses in months after the market shed $11.37, or 11.10%, from its opening price of $102.39. Prices posted a weekly high at $102.75 before breaking sharply to $86.65. Early Friday, the contract was trading near $91.58, still down heavily for the week. The decline was not driven by a sudden collapse in demand or a surprise rise in inventories. Traders began stripping out a portion of the war premium that lifted prices toward the October highs as U.S. midterm results raised hopes for…