Oil prices fell further near $65 on Thursday, falling to their lowest levels in nearly four months as supply disruptions in theGulf continued to fade following the Iran-US ceasefire.
At the time of press, Brent crude is down $1, or 1.33 percent, to $72.7 a barrel, while US West Texas Intermediate (WTI) crude fell $0.64, or 0.9 percent, to $69.7 a barrel. Both benchmarks touched their lowest levels since February 27.
Crude oil extracted from reserves operated by the United Arab Emirates stood at $66 per barrel, down nearly 5 percent in the past 24 hours.
Oil prices had already tumbled sharply on Wednesday, with Brent and WTI each losing nearly $3 as fears of prolonged supply issuues eased.
Also, latest terminal data showed that oil shipments through the Strait of Hormuz have nearly returned to pre-war levels, with over 18-20 million barrels passing through the strategic waterway over the past 24 hours. Full normalization could take several weeks though.
The recent ceasefire between Iran and the US has helped restore shipping through the Strait of Hormuz. The agreement also launched a 60-day negotiation process.
All parties under Pakistan/Qatar led mediation efforts have already concluded the first level of the technical-level talks to end the war permanently.
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