Singapore, May 06 (QNA) - Oil prices fell for a second day on Wednesday on expectations bottled up supply from the key Middle East producing region could resume flowing after The US indicated a possible peace deal may be reached to end the war with Iran.

Brent crude futures for July fell $1.52, or 1.38%, to $108.35 per barrel, after dropping 4% in the previous session. ‌

US benchmark ⁠West Texas ⁠Intermediate (WTI) futures for June declined $1.50, or 1.47%, to $100.77, after closing down 3.9% the day before.

US crude oil inventories fell for a third week, while gasoline and distillate stocks also declined, market sources said, citing American Petroleum Institute (API) figures.

Crude stocks fell by 8.1 million barrels in the week ended May 1, the sources said. Gasoline inventories fell by 6.1 million barrels, while distillate inventories fell by 4.6 million barrels compared to a week earlier, the sources said. (QNA)