Oil slips near $69 as US-Iran peace progress eases supply fears
Mumbai, June 25 -- Crude oil prices remained under pressure on Thursday, with prices slipping near $69 per barrel and extending losses for a fourth consecutive session as improving US-Iran peace efforts eased concerns over potential supply disruptions. The decline has nearly erased all gains recorded since the onset of the Middle East conflict. Market sentiment remained bearish despite the US Energy Information Administration (EIA) reporting a larger-than-expected crude inventory draw of 6.1 million barrels last week. Earlier, the American Petroleum Institute (API) also reported a decline in crude inventories. Adding to the pressure, the US dollar index hovered near 101.5, its highest level in more than a year, as investors continued to pri...
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