Commodities
Oil Prices Slide as Hormuz Talks Weigh on Market
Oil prices settled lower on Wednesday after a volatile session as investors weighed developments in talks between Iran and Oman on the Strait of Hormuz.
The Brent crude futures contract lost 74 cents, or 0.84%, to settle at $87.84 per barrel, while the West Texas Intermediate (WTI) crude futures contract fell 13 cents, or 0.16%, to close at $82.23 a barrel.
The market's mood shifted after official data showed US crude inventories increased by less than expected last week, rising by 95,000 barrels to 428.9 million barrels in the week ended August 21.
Analysts said the talks between Iran and Oman had reduced the risk of a prolonged disruption in oil supplies through the Strait of Hormuz, which is a critical waterway for global energy trade.