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Canada Commodities: Oil Falls as Qatar Says Draft on Strait of Hormuz Reopening Being Circulated

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Oil prices fell mid-morning Tuesday after Qatar confirmed that a draft agreement between the US and Iran to reopen the Strait of Hormuz had been reached and efforts to resolve the crisis were progressing.

West Texas Intermediate September crude oil futures, the US benchmark, fell $4.16 to $76.18 per barrel. Brent, the international benchmark, fell $3.91 to $79.86 a barrel for October.

Gold edged higher as oil prices fell, lowering inflation fears. Comex gold futures for December were up 1.3% to $4,142.40 per ounce.

Wheat futures fell 1.2% to $6.43 per bushel, while canola futures rose 0.6% to C$762.60 per tonne.

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