New Delhi, May 25 (H.S.): International crude oil prices witnessed a sharp decline on Sunday following reports that the United States and Iran have largely reached an agreement on a draft Memorandum of Understanding (MoU) aimed at easing tensions in West Asia. For the first time in the month of May, crude oil prices in the international market slipped below the $100 per barrel mark.

Brent crude opened trading today with a sharp decline of $4.93 per barrel, falling below the $100 per barrel level for the first time this month to begin trading at $98.61 per barrel. After trading commenced, prices briefly rebounded to $99.47 per barrel, but soon resumed their downward trajectory. Within a short span, Brent crude slipped further to $97.40 per barrel.

According to trading data available until 10:15 a.m. Indian time, Brent crude was trading in the international market at $97.93 per barrel, down by $5.61 per barrel, or 5.42 per cent.

Similarly, West Texas Intermediate (WTI) crude also opened lower today, declining by $4.59 per barrel to begin trading at $92.01 per barrel. During early trading, WTI crude briefly climbed to $92.55 per barrel before witnessing renewed selling pressure. Shortly thereafter, it fell to $90.45 per barrel.

As per trading activity recorded till 10:15 a.m. Indian time, WTI crude was trading at $91.11 per barrel in the international market, registering a decline of $5.49 per barrel, or 5.68 per cent.

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Hindusthan Samachar / Jun Sarkar