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Oil slips as markets look for cues on Gulf supplies
['The Frontier Post']
The Frontier Post
NEW DELHI (Reuters) : Oil prices erased some of their previous gains on Thursday, despite escalating attacks in the Gulf as investor focus shifted to supply flows through the key chokepoints in the region.
On Wednesday, the US and Saudi Arabia attacked Iran-backed paramilitary forces in Iraq, the first time that Saudi had publicly joined US air strikes, in retaliation for drone attacks on Saudi oil targets launched from Iraq.
The US also carried out two hours of attacks on Iran on Wednesday, the US Central Command said.
Rystad Energy estimates about 13 million barrels per day of oil from the Gulf is still reaching markets.
“While overall volumes are reduced, oil continues to leak out of the region through multiple channels, and additional workarounds are being explored.