Oil drops nearly 4% amid signs of easing tensions in Middle East

09:53 AM (Mecca time) Argaam
Oil drilling rigs

Oil drilling rigs

Oil prices fell in early session today, March 25, amid hopes of a ceasefire agreement in the Middle East, following reports that the US had presented a settlement plan to end the conflict with Iran, which could ease disruptions to global energy supplies.

 

Brent crude was trading down 3.9% at $100.44 a barrel, at 08:57 am Makkah time. West Texas Intermediate (WTI) fell 3.4% to $89.23 a barrel.

 

US President Donald Trump confirmed on March 24 that tangible progress had been made in negotiations aimed at ending the conflict with Iran. Informed sources revealed that Washington had sent a settlement proposal containing 15 points, Reuters reported.

 

Estimates from the American Petroleum Institute showed that US crude oil inventories rose by 2.35 million barrels during the week ended March 20, and official data due today is expected to show a decrease in crude oil inventories of about 1.3 million barrels.

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