Oil extends fall as investors await outcome of US-Iran negotiations

SINGAPORE: Oil extended losses on Wednesday as investors waited to see if efforts to end the Iran war and restore traffic through ​the blockaded Strait of Hormuz were making progress. Brent crude futures were down ‌32 cents, or 0.4 percent, to $79.04 a barrel at 09:30 a.m. Saudi time. US West Texas Intermediate futures dropped 58 cents, or 0.8 percent, to $75.19 a barrel. Both benchmark contracts settled more than 5 percent lower on Tuesday.

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