Oil prices are on the rebound as falling oil rig counts and violence in Libya helped further stall a selloff that began in June 2014
Crude oil prices retreated on Tuesday after reports emerged that the United States and Iran were exploring a new ceasefire, easing fears of an immediate supply disruption despite continued military exchanges across the Gulf.
At the time of writing, Brent crude traded at $88.17 per barrel, down from $90 reached a day earlier, while West Texas Intermediate (WTI) fell to $81.88 per barrel.
The decline came as reports indicated that diplomats were seeking to broker a 10-day ceasefire between Washington and Tehran in an effort to revive negotiations that collapsed after renewed hostilities.
However, prospects for an agreement remain uncertain as neither side has signalled a willingness to make significant concessions.
