UNITED STATES – Global oil prices fell as renewed diplomatic talks with Iran fuelled expectations of lessening Middle East tensions. US West Texas Intermediate (WTI) crude declined by almost 0.9% to USD 101.86 per barrel, retracing some of the previous session’s gains. However, ongoing attacks in Yemen, threats to Saudi Arabia’s oil infrastructure, and anticipated interruptions in regional petroleum supplies all weighed on market sentiment. Persistent ambiguity could have an impact on refinery operating costs, petroleum transportation charges, and conventional base oil pricing, potentially reducing the competitiveness of re-refined base oils (RRBO) and industrial activities.
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(Source: Reuters)
