US-Iran war, May 13 -- Oil prices declined on Wednesday, 13 May, after surging 8% over the previous three sessions, as investors closely monitored developments surrounding the fragile ceasefire in the Iran conflict and awaited the high-stakes meeting between US President Donald Trump and Chinese President Xi Jinping in China.

Brent crude futures slipped 82 cents, or 0.76%, to $106.95 a barrel, while US West Texas Intermediate crude futures dropped 66 cents, or 0.65%, to $101.52 a barrel.

Back home, crude oil prices on Multi Commodity Exchange (MCX) also witnessed a similar downward movement. MCX crude oil prices fell 0.77% to Rs.9,655 per barrel.

US President Donald Trump said on Tuesday that he does not believe he will require Xi Jinp...