WTI Slips Below $74 as Hormuz Talks Progress
West Texas Intermediate crude declined to around $73.80 per barrel in Asian trading, pressured by easing supply fears amid progress in Strait of Hormuz negotiations and rising US equities.
Oil prices edged lower on Tuesday, with West Texas Intermediate falling below the $74 mark to trade near $73.80 a barrel during Asian hours. The decline came after crude gave back earlier intraday gains.
Market sentiment was influenced by signs of progress in talks concerning the Strait of Hormuz, a critical chokepoint for global oil shipments. Easing geopolitical tensions reduced the risk premium that had supported prices.
Additionally, a rise in US stock markets weighed on crude, as the stronger equity performance signaled improved risk appetite that moved funds out of commodities.
Source: FXStreet Forex News