NewzOil prices extended their declines on Wednesday, falling by approximately $1 per barrel amid a brighter supply outlook and potential diplomatic talks between the United States and Iran. Brent crude futures dropped $1.09, or 1.1 percent, reaching $98.16 a barrel by 07:21.
The downward pressure on prices was driven by improved Gulf supply conditions following Saudi Arabia's resumption of operations at a critical pipeline. Additionally, market sentiment reacted to growing expectations of a diplomatic resolution to the ongoing conflict involving the US and Iran, which further weighed on crude valuations.
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