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<\/div>\n<\/div>\n<\/div>\nCrude oil prices extended their decline on Wednesday, falling to fresh four-month lows as signs of improving tanker movement through the Strait of Hormuz and expectations of increased Iranian exports eased concerns over supply disruptions, according to Reuters.Brent crude futures dropped $1.37, or 1.8 per cent, to $75.71 per barrel, while US West Texas Intermediate (WTI) crude fell $1.08, or 1.5 per cent, to $72.13 a barrel.Brent touched its lowest level since February 27, while WTI hit its weakest level since early March.The decline comes after a sharp rally earlier this year triggered by the Iran conflict and concerns over disruptions to shipping through the strategically important Strait of Hormuz.<\/p>\n Analysts said markets are increasingly factoring in the possibility of Iranian oil returning to global markets following recent diplomatic progress between Washington and Tehran.\u201cWhile there are early encouraging signs of increased tanker activity, the market is pricing in the broader scenario of Iranian oil re-entering the global market and the Strait of Hormuz normalising,\u201d Tim Waterer, chief market analyst at KCM Trade, said, as quoted by Reuters.He added that if sanctions are eased further, Iranian production and exports could increase within weeks because of substantial volumes already stored on tankers.Prices have also come under pressure from a 60-day sanctions waiver granted by the US to Iran following initial peace talks, allowing Tehran to continue selling oil.Ship-tracking data showed three previously stranded supertankers passed through the Strait of Hormuz on Tuesday, while the UN shipping agency has begun implementing plans to help hundreds of vessels resume transit through the waterway.<\/p>\n The fall in benchmark prices has also been accompanied by weakness in the physical crude market, according to a separate Reuters report.Middle Eastern crude grades including Dubai, Oman and Murban have slipped into discounts amid rising supply from Iran, Abu Dhabi, Kuwait and Iraq.Cash Dubai crude traded at a discount of 27 cents per barrel on Tuesday after reaching premiums of more than $60 a barrel in March, Reuters reported.Discounts for Oman and Murban widened further, indicating abundant supplies and weaker demand.Analysts said Asian refiners have already secured crude cargoes for the next two months, limiting appetite for additional barrels.\u201cRefineries in the East have already been well supplied for the next two months and have no need for the incremental barrels, leading to a very weak market and Dubai spreads in contango,\u201d June Goh, senior oil market analyst at Sparta Commodities, said.<\/p>\nMarket prices in return of Iranian oil<\/b><\/h3>\n<\/p>\n
Physical oil market turns weaker<\/b><\/h3>\n<\/p>\n
MCX crude futures decline<\/b><\/h3>\n<\/p>\n