Ammon News - Oil prices fell ​around 4% on Wednesday on the prospect of a possible ceasefire easing supply disruptions from the key Middle East ‌producing region after reports the U.S. sent Iran a 15-point plan to end the war between them.

Brent crude futures fell $4.89, or 4.7%, to $99.60 a barrel by 0335 GMT, after declining to as low as $97.57. U.S. West Texas Intermediate (WTI) crude futures were down $3.54, or 3.8%, at $88.81 a barrel, after falling to as low as $86.72.

Both ​benchmarks rose nearly 5% on Tuesday, before paring gains in volatile post-settlement trading.

Phillip Nova's senior market analyst ​Priyanka Sachdeva said Middle East developments would remain the "dominant price driver" keeping oil prices moving in a wide range in the near ​term.

In the U.S., crude, gasoline and distillate stocks rose ⁠last week, ​according to market sources who cited American Petroleum Institute figures on Tuesday.

Crude stocks ​rose by 2.35 million barrels in the week ended March 20, gasoline inventories rose by 528,000 barrels and distillate inventories rose by 1.39 million barrels from a week ​earlier, the sources said.

Reuters