Oil prices extend losses as Hormuz reopening hopes ease supply fears
Oil prices extended their decline on Thursday as hopes of renewed Middle East diplomacy raised expectations that the Strait of Hormuz could reopen, easing concerns over prolonged supply disruptions.
Brent crude fell 0.5 per cent to $87.43 a barrel, heading for a fourth straight session of losses, while US West Texas Intermediate crude dropped 0.5 per cent to $81.86, on track for a fifth day of declines.
Brent crude fell 0.5 per cent to $87.43 a barrel, heading for a fourth straight session of losses, while US West Texas Intermediate crude dropped 0.5 per cent to $81.86, on track for a fifth day of declines.
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