Oil prices edged lower during early Asian trading as the pause in the conflict between the United States and Iran continued.
John Oh of Commonwealth Bank of Australia noted in a research report that the US has refrained from conducting daily strikes against Iran for a third consecutive night, while Tehran continues to signal its intention to avoid any retaliatory actions.
The economist added that the Caspian Pipeline Consortium terminal resumed oil exports on Monday after being shut down last week, providing an additional easing factor for the oil market.
Near-month West Texas Intermediate crude futures fell 0.6% to $82.08 per barrel.
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Oil Prices Decline as US-Iran Tensions Remain on Hold
Deep News07:40
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