Oil Extends Losses As Supply Fears Fade
(RTTNews) - Oil prices traded sharply lower on Thursday, extending recent losses and wiping out all the gains made since the outbreak of the Middle East conflict following progress in U.S.-Iran talks and improving flows through the Strait of Hormuz.
Brent crude futures were down 1.3 percent at $72.94 a barrel, extending losses for a fourth consecutive session as tanker movement through the Strait of Hormuz picked up. WTI crude futures fell 1.3 percent to $69.41 as rising shipments through key export routes helped ease concerns over global supply disruptions.
U.S. Energy Secretary Wright disclosed at the Global Energy Forum in New York on Wednesday that a total of 72 vessels carrying approximately 20 million barrels of crude have transited the Strait of Hormuz in the past 24 hours.
It was said supply has increased across key segments of the market, with buyers facing a surge of crude offers from the Middle East and other exporting regions, including West Africa.
Analysts said a temporary relief from U.S. sanctions on Iranian oil and petrochemical exports could pave the way for additional Iranian crude exports and reduce risks to shipments through the Strait of Hormuz, a key maritime route that handles around one-fifth of global oil supplies.
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