WASHINGTON (dpa-AFX) - Prices of crude oil futures remained aligned to expectations about the end of the seven-month-old conflict in the Middle East. Prices whipsawed as disappointment over President Donald Trump's rejection of an Iranian proposal to restore full traffic through Hormuz gave way to fresh optimism about a diplomatic resolution. Markets digested reports about U.S. and Iranian officials continuing separate discussions with mediators. Reports of Saudi Arabia restoring roughly half the flows through its East-West pipeline also abetted the decline in crude oil prices.
Alongside the decline in global crude oil prices, bond yields too have declined. Rate hike expectations from the Federal Reserve also softened as fears of fuel-led inflationary pressures subsided. The dollar also declined from the day's highs.
Brent Oil Futures for December settlement are currently trading at $96.56, slipping 1.3 percent from the previous close of $97.83. The day's trading ranged between $96.08 and $100.28. The 52-week trading ranged between $58.72 and $126.41.
With the day's decline, Brent is holding on to weekly gains of 0.93 percent and monthly gains of 9.3 percent. Year-to-date gains are a little more than 58 percent. Brent oil's gains over the past year are close to 42 percent while gains from the levels three years ago are more than 1 percent.
West Texas Intermediate (WTI) Crude Oil Futures for November settlement has lost 1.5 percent from the previous close of $92.60. The current trading price is $91.17 while prices ranged between a low of $90.76 and a high of $94.72 in the day's trading. Trading has ranged between $54.98 and $117.63 over the past 52 weeks.
Amidst the overnight decline, WTI crude oil is holding on to weekly gains of half a percent and monthly gains of 9.1 percent. Year-to-date gains exceed 58 percent. WTI prices are currently around 44 percent above the levels a year ago and almost 2.5 percent above the levels three years ago.
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