Singapore – Oil prices fell on Tuesday, extending losses after a sharp decline in the previous session. Investors are waiting for clearer signs of progress regarding the resumption of crude oil flows through the Strait of Hormuz after talks between the United States and Iran.
Brent crude futures dropped by 20 cents, or 0.3 percent, to $77.70 a barrel. U.S. West Texas Intermediate crude fell by 12 cents, or 0.2 percent, to $73.74 a barrel.
Prices sank more than three percent on Monday after the United States granted Iran a 60-day sanctions waiver following preliminary talks.