Oil prices down by more than 4%

Global crude oil prices shed more than four per cent today as renewed talks between Iranian and Qatari officials raised hopes of diplomatic progress in easing US-Iran tensions.
 
Brent crude was trading 4.4 per cent down at 108 US dollars and 46 cents per barrel. West Texas Intermediate crude was trading 4.5 per cent lower at 99 US dollars and 38 cents per barrel, at the time of writing this report.