Energy Preview: WTI crude oil slips back to 5-week low on ceasefire talks

WTI crude oil slipped back near a five week low in early Asia on Friday after having briefly climbed from the level late yesterday. Reports indicating that the US and Iran had tentatively agreed to extend their ceasefire by 60 days and possibly permit unrestricted shipping through the Strait of Hormuz is seen weighing on oil prices. However, with President Trump yet to approve the terms, uncertainty is likely to keep traders cautious today. Currently, the counter is trading lower by more than 1% at $87.54 per barrel. Brent is also down 0.88% at $91.72 per barrel.

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