New Delhi, June 24 (IANS) Global crude oil prices remained under pressure on Wednesday, with benchmarks hovering near four-month lows after easing geopolitical tensions in West Asia and progress in US-Iran peace talks reduced concerns over potential supply disruptions.

International oil benchmark Brent crude was trading over 1 per cent lower at near $76 per barrel, while US West Texas Intermediate (WTI) hovered around $72 per barrel, a decrease of 1.5 per cent.

Over the past month, both benchmarks have seen a sharp decline of more than 20 per cent after concerns about a prolonged disruption to oil supplies from the Strait of Hormuz eased.

Market sentiment improved as signs emerged that oil tankers stranded in the Gulf since the onset of the Iran conflict were preparing to resume movement through the strategically important waterway.

In addition, diplomatic efforts involving the US, Iran and regional stakeholders have also helped ease supply concerns.

The decline in crude prices is being viewed as a positive development for India, one of the world’s largest oil-importing nations.

“This excessive volatility is favourable to India, which is growing at a steady pace. The crash in Brent crude has removed the macro headwinds for India. The rupee has stabilised and FII selling appears to have tapered off. This is positive for the market,” the experts said.

Brent crude continuing to hover near the $76-per-barrel mark reflects easing geopolitical tensions and progress in US-Iran peace talks, which have helped alleviate concerns over global oil supplies, they added.

Despite the recent decline, analysts cautioned that uncertainties surrounding the Strait of Hormuz remain. Any disruption to shipping activity through the route — which handles a significant share of global oil trade — could once again trigger volatility in energy markets.

–IANS

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