Oil prices slip on teetering Iran ceasefire as Trump heads to China
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
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
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
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Oil prices slip on teetering Iran ceasefire as Trump heads to China
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