US-Iran war, April 21 -- Oil prices slipped on Tuesday, 21 April, erasing some gains recorded in the previous session, amid expectations that the upcoming peace talks between the US and Iran could ease tensions and boost oil supply from the crucial Middle East.

Brent crude futures dropped 95 cents, or 1%, to $94.53 as of 0003 GMT. US West Texas Intermediate (WTI) crude for May declined $1.54, or 1.72%, to $88.07. The May contract is set to expire on Tuesday, while the more actively traded June contract fell $1.09, or 1.3%, to $86.37.

Back home, crude oil prices on Multi Commodity Exchange (MCX) witnessed a similar movement, as they fell by over 0.72% to Rs.8,127 per barrel.

Oil benchmarks had rallied sharply on Monday, with Brent crude...