Crude futures settle lower on expectations for US-Iran talks

Oil prices dived on Tuesday amid renewed hopes that peace talks between the U.S. and Iran may resume and release supply from the key Middle East producing region via the Strait of Hormuz, a crucial artery for the global energy market.

The West Texas Intermediate for May delivery lost 7.80 U.S. dollars, or 7.87 percent, to settle at 91.28 dollars a barrel on the New York Mercantile Exchange.

Brent crude for June delivery dropped 4.57 dollars, or 4.6 percent, to settle at 94.79 dollars a barrel on the London ICE Futures Exchange.

U.S. President Donald Trump said Tuesday that talks with Iran could resume in Pakistan within the next two days, according to media reports after the collapse of weekend negotiations prompted Washington to impose a blockade on maritime traffic entering and exiting Iranian ports.

Crude futures settle lower on expectations for US-Iran talks

Crude futures settle lower on expectations for US-Iran talks

General Secretary of the Communist Party of China Central Committee and Chinese President Xi Jinping, together with General Secretary of the Communist Party of Vietnam Central Committee and Vietnamese President To Lam will attend a ceremony for cooperation documents signing and exchange at the Great Hall of the People in Beijing on Wednesday.

To Lam arrived in Beijing on Tuesday for a state visit to China through Friday.

China is the first country To Lam visits following his recent election as Vietnamese president.

Xi, To Lam to attend documents signing ceremony