Ammon News - Oil prices fell on Wednesday, snapping a ​three-day rally as investors awaited developments around the fragile Middle East ceasefire and braced for a high-stakes summit in ‌China between U.S. President Donald Trump and President Xi Jinping.

Brent crude futures dropped $1.22, or 1.1%, to $106.55 a barrel at 0410 GMT. U.S. West Texas Intermediate futures fell $1.16, or 1.1%, to $101.02.

Both benchmarks have largely hovered around or above the $100 per barrel mark since the U.S. and Israel began attacks ​on Iran at the end of February and Tehran effectively shut the Strait of Hormuz.

Oil prices rose by over 3% on Tuesday, extending earlier gains as hopes for a lasting U.S.-Iran ceasefire faded, dimming prospects of re-opening the strait, through which about a fifth of global oil and ​liquefied natural gas normally flows.


Reuters