Crude oil slips below $88 per barrel amid US-Iran ceasefire hopes

Oil prices remained under pressure on Friday, with crude falling below $88 per barrel amid reports of a possible extension of the US-Iran ceasefire and renewed negotiations over Iran?s nuclear program. WTI crude dropped to a low of $87.17, while Brent crude touched $91.28, with both benchmarks heading for weekly losses of more than 8% as easing geopolitical tensions reduced concerns over supply disruptions through the Strait of Hormuz. The US dollar index hovered near 99 following softer-than-expected US PCE inflation data, which further eased inflation worries and dampened expectations of aggressive interest rate hikes by the Federal Reserve. Meanwhile, MCX June crude oil futures traded lower by 0.4% at Rs 8504 per barrel.

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