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LoginOil Prices Continue to Drop with Potential US-Iran Agreement to End War in Horizon
London, May 06 (QNA) - Oil prices continued to decline on Wednesday, reaching their lowest levels in two weeks following reports that the United States and Iran are close to reaching a deal to end the war and reopen navigation in the Strait of Hormuz.
Brent crude futures fell USD 6.70, or 6.1 percent, to USD 103.17 per barrel, the lowest price in about two weeks.
In turn, US benchmark West Texas Intermediate (WTI) futures declined USD 6.77, or 6.6 percent, to USD 95.50.
Both crude benchmarks are heading for their largest daily declines, both in percentage terms and absolute value since mid-April, after losing about 4 percent in the previous session. (QNA)
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