Energy Preview: Crude oil recovers marginally after 7% plunge

Crude oil prices are recovering marginally on Tuesday morning in Asia following an over 7% plunge in the previous session amid signs of diplomatic progress between the US and Iran. US President Donald Trump indicated progress in negotiations, while Iranian President Masoud Pezeshkian reportedly said his government had been given greater authority by the country's supreme leader to pursue peace talks. Traders will closely watch developments surrounding a diplomatic solution to the US-Iran conflict and API crude oil stockpiles report. The WTI counter is quoting at $96.66 per barrel whereas Brent is holding at $104.80 per barrel.

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