Oil prices are moving lower, as the ceasefire between Israel and Lebanon reinforces optimism that tensions in the Middle East may be easing.
Brent futures were down more than 1%,at $98.05 a barrel, while U.S. crude also fell, moving below $94 a barrel.
Recall that oil prices had jumped about 50% in March, at a time of intense tensions over the US-Israel clash with Iran, and then stabilized near $90.
Meanwhile, market interest is turning to Donald Trump’s statements that a meeting between US officials and Iranians may take place in Pakistan over the weekend, a development that investors are closely watching.
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