Oil Prices Fall on Supply Outlook and Iran Talks
Oil prices declined as Saudi Arabia restarted a critical pipeline and hopes grew for diplomatic talks between the US and Iran. Brent crude dropped below 100 dollars a barrel amid improving supply.
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Brent Crude Oil fell 78 cents, or 0.79%, to $98.47 a barrel during Wednesday morning trade as Gulf supply improved. Both benchmark contracts have declined for six consecutive sessions to two-week lows. The drop reflects renewed pipeline flows and diplomatic talks aimed at ending the conflict in the Middle East.
