Oil slides amid prospect of easing Middle East tensions
July 16, 2019 7:14 pm by Mamta Badkar in New York
Oil prices lurched lower on Tuesday on the prospect of easing tensions between the US and Iran as secretary of state Mike Pompeo said Tehran signalled willingness to discuss its weapons programme.
Brent crude, the global oil benchmark, fell as much as 4 per cent to $63.82 a barrel before paring back some of its declines to settle down 3.2 per cent.
Meanwhile, West Texas Intermediate, the US crude marker, fell as much as 4.2 per cent to $57.07 a barrel, before trimming its losses to settle 3.3 per cent lower.