Oil Prices Retreat as Supplies Grow and Diplomatic Hopes Rise

Oil prices retreated on Wednesday due to increased supplies and growing hopes for a diplomatic solution to the aggression against Iran. The optimism surrounding improved supplies pushed Brent crude below $100 per barrel, with Brent futures dropping 7 cents to $99.18 per barrel by 01:19 GMT.

The U.S. West Texas Intermediate (WTI) crude futures also fell, down 35 cents or 0.39 percent to $90.17 per barrel, according to Reuters.

According to Tim Waterer, chief analyst at KCM Trade, 'The market currently views the outlook for global oil supplies more positively than it did a few weeks ago.'