Energy Preview: Oil prices pull back awaiting clarity on US?Iran ceasefire extension and peace talks

Oil prices pulled back in early Asia on Tuesday as hopes cling on the second round of negotiations between US and Iran. While the US has reportedly confirmed participation in the next round of talks in Pakistan, Iran has not yet committed and has accused Washington of violating the ceasefire through its ongoing naval blockade and the seizure of Iranian vessels. The current ceasefire is set to expire today, Tuesday (21 April), adding to market anxiety. Meanwhile, the American Petroleum Institute (API) report, which will be published later today, is also keenly awaited. WTI crude oil is currently trading lower by nearly 1% at $86.63 per barrel while Brent is down half a percent at $95 per barrel.

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