Oil declines: Brent at $79.08 and US crude drops to $74.69 per barrel
Oil prices fell on Thursday as investors assessed whether progress in talks between Iran and Oman would pave the way for a deal between the United States and Iran to end the five-month-old conflict and reopen the Strait
Translated by Qiyas from الجريدة — Original source
Oil prices fell on Thursday as investors assessed whether progress in talks between Iran and Oman would pave the way for a deal between the United States and Iran to end the five-month-old conflict and reopen the Strait of Hormuz, by 0024 GMT.
Brent crude futures fell 37 cents, or 0.5 percent, to $79.08 a barrel. U.S. West Texas Intermediate crude futures also dropped, falling 53 cents, or 0.7 percent, to $74.69 a barrel. Brent crude recorded a slight rise at Wednesday’s settlement, while U.S. crude dipped slightly.
The U.S. Energy Information Administration said crude inventories rose by 2.5 million barrels to 407 million barrels in the week ending July 31, compared with analysts’ expectations in a Reuters poll for a decline of 1.5 million barrels.
