WTI falls below $91.50 amid hope for US-Iran diplomatic progress
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $91.40 during the early Asian trading hours on Thursday. WTI tumbles amid hopes for diplomatic progress between the US and Iran.
West Texas Intermediate (WTI) crude oil prices dropped below $91.50 following expectations of improved U.S.-Iranian diplomatic relations. Iran expressed openness to diplomacy, but significant differences remain. The market is unwinding its geopolitical risk premium as Gulf supply improves and hopes for a U.S.-Iranian breakthrough increase. Unexpected weekly buildup in U.S. crude oil inventories contributed to the price decline, as reported by the Energy Information Administration (EIA).
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