Oil prices fall as Middle East supply concerns ease

PUKMEDIA

Oil prices.

Oil prices declined on Thursday as traders continued to assess the easing of risks to Middle East oil supplies, while expectations of ample global supply kept the market under pressure despite ongoing geopolitical uncertainty.

US West Texas Intermediate (WTI) crude futures fell 1.4% to $67.64 a barrel, while Brent crude futures dropped 1.3% to $70.67 a barrel.

Market sentiment was also influenced by the outcome of indirect talks between Washington and Tehran in Doha. Negotiators concluded two days of technical discussions without reaching a breakthrough towards a lasting peace agreement.

However, Qatar said the talks had made positive progress, with Qatari Foreign Ministry spokesperson Majid al-Ansari announcing that both sides had agreed to continue negotiations. The next round of discussions is expected to be scheduled after the funeral ceremonies for the former Iranian Supreme Leader.


PUKMEDIA