Oil extends slide on expectations of smoother crude flows via Hormuz

Oil prices fell more than 1% on Wednesday, extending this week’s losses and trading near four-month lows, on signs that more oil tankers stranded in the Gulf are set to move out of the Strait of Hormuz. Brent crude futures fell 78 cents, or 1.0%, at $76.30 a barrel as of 0350 GMT. US West Texas Intermediate slipped 78 cents, or 1.1%, to $72.43 a barrel. Both benchmarks settled down around 1% on Tuesday, touching their lowest levels since early March. “Positive signals from the Persian Gulf are fuelling optimism about oil flows through the Strait of Hormuz. Vessel crossings increased in recent days, although they remain well below pre-war levels,“ ING commodity strategists said in a note on Wednesday. Prices have also come under pressure this week after Washington granted Tehran a 60-day sanctions waiver following initial peace talks, allowing it to sell oil, and as hostilities in Lebanon eased.