India, June 4 -- Partially reversing three sessions of gains, crude oil prices have plunged on Wednesday as expectations of de-escalation in the Middle East rise following an Israel-Lebanon ceasefire announcement along with rising optimism on a U.S.-Iran deal over the weekend.
WTI Crude Oil for July month delivery was last seen trading down by $3.00 (or 3.12%) at $93.02 per barrel.
In a crucial development yesterday, after the fourth round of negotiations between Israel and Lebanon (mediated by the U.S.) in Washington, the three nations issued a joint statement according to which Israel and Lebanon have agreed to implement a ceasefire.
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