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Oil prices fell more than 1 per cent, extending losses from the previous session, on signs of some progress in restoring crude flows through the Strait of Hormuz following US-Iran peace talks, Reuters reprots.
Brent crude futures fell $1.09, or 1.4pc, to $76.81 a barrel and US West Texas Intermediate declined to $72.99 a barrel, down 87 cents, or 1.2pc, as of 0607 GMT.
“The gradual increase in oil flows through the Strait of Hormuz continues to weigh on the market,” said ING analysts in a note.
