Energy Preview: WTI oil futures fall under $90 per barrel as US-Iran negotiations fuel hope to end war

WTI crude oil prices fell by nearly 4% this morning under $90 per barrel mark as the US-Iran talks signal hope for Middle East peace. US President Donald Trump appears to be determined to reach a deal with Iran aimed at ending hostilities in the Middle East, as per media reports. Moreover, a rise in US crude oil inventories is also likely contributing to the WTI?s downside. According to the American Petroleum Institute (API) report, crude oil stockpiles in the US for the week ending March 20 climbed by 2.3 million barrels, compared to a rise of 6.6 million barrels in the previous week. The release of the US Energy Information Administration (EIA) report, which will be published later on Wednesday will be in focus. Currently, the counter is quoting lower by 3.82% at $88.50 per barrel.

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