Oil falls $1 on better supply outlook, hopes for US-Iran talks

INTELLIGENCE SUMMARY

PERTH/SINGAPORE: Oil prices extended declines on Wednesday as investors eyed improved ​Gulf supply after Saudi Arabia restarted operations at a critical pipeline. Hopes for a diplomatic solution to ‌the US-Iran war also weighed on prices. Brent crude futures fell $1.09, or 1.1 percent, to $98.16 a barrel as of 07:21 a.m. Saudi time while West Texas Intermediate futures fell $1.50, or 1.67 percent, to $89.01 per barrel. Both contracts have declined for six consecutive sessions to around two-week