Brent crude oil prices on Saturday eased as Iranian and United States delegations head to Islamabad for the peace talks. The decline in crude prices is giving hope to consumers after oil prices dipped before reaching a record of $119 per barrel during the recent tensions in the Middle East.
The two main global benchmarks, Brent Crude and WTI Crude, both saw a notable dip after Friday’s trading session. WTI, the American standard, dropped to $96.57, a 2.1 per cent slide, while the international benchmark Brent Crude dipped to $95.20.
The sell-off was triggered by reports of a fragile ceasefire and scheduled negotiations between the warring parties that are set to kick off in Pakistan today.
Just days before, traders were potentially bracing for crude oil to surge beyond $120 as the tensions in the Strait of Hormuz continued to threaten the global oil supply.
Even after the oil prices are falling globally, the story is not the same everywhere.
The lack of supplies in some domestic markets has kept the prices above $100 in some highly oil- and LNG dependent nations.
A similar trend was noticed in the Indian market as oil prices climbed by over 4 per cent to $120 per barrel, reflecting high demand and low supply.
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