Oil extends slide near $80, down more than 7% this week on Hormuz hopes

Oil prices fell nearly 3% to trade around $80 per barrel in Asian electronic trading on Wednesday, extending the previous session?s losses as renewed hopes of easing tensions around the Strait of Hormuz intensified selling pressure. Iran?s resumption of talks with neighbouring Oman over managing navigation through the strategic waterway raised expectations of improved crude flows, pushing oil futures down more than 7% so far this week. Brent crude declined 1.70% to $87 a barrel, while U.S. West Texas Intermediate (WTI) fell 1.67% to $80.84 per barrel, following losses of more than 3% on Tuesday. Meanwhile, MCX September crude oil futures slipped around 2% to Rs 7,718 per barrel, as traders continued to closely monitor diplomatic developments and their potential impact on global oil supplies.

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