Oil prices continued to decline on Wednesday, despite US President Donald Trump saying that an easing of sanctions against Iran was not under consideration.
Brent crude fell 0.46% to $95.67 a barrel, while US crude dropped 0.25% to $89.13 a barrel.
Markets weigh prospects for Iran agreement
According to AFP, both major crude oil contracts recorded significant falls on Tuesday as expectations grew that a final agreement could be reached to end the war between the United States and Iran and lead to the reopening of the Strait of Hormuz.
Talks, however, remain stalled, with the two sides sending conflicting signals.
Trump has said that sanctions relief for Iran is not being considered, despite expectations surrounding a possible agreement.
Saudi pipeline capacity partly restored
Markets were also influenced by news that Saudi Arabia has restored around half the capacity of its East-West Pipeline, which was shut earlier this month following drone attacks.
At the same time, the Trump administration ordered the release of additional quantities of oil from US strategic reserves.
Source: CNA
