Tuesday, 18 June 2019 | 22:10 WIB

World Oil Prices Plunge as Geopolitical Tensions Decrease

Illustration: Oil mining.

NEW YORK, NNC -- World oil prices reportedly settled lower on Tuesday (4/24/2018) trading as geopolitical tensions eased. The reason, US President Donald Trump hinted that the United States and France almost reached an agreement on Iran's nuclear.

The US benchmark West Texas Intermediate (WTI) crude for June's delivery dipped USD0.94 to settle at USD67.70 a barrel on the New York Mercantile Exchange.

Meanwhile, the global benchmark Brent crude for June's delivery lost USD0.85 to close at USD73.86 a barrel on the London ICE Futures Exchange.

Quoted from CNBC, Trump and French President Emmanuel Macron wanted to keep the deal by saying, "at least we can have a deal between ourselves pretty quickly."

Meanwhile, the United States has until May 12 to decide whether to stop the nuclear deal with Iran and reintroduce sanctions against the third largest producer in the Organization of Petroleum Exporting Countries (OPEC).

Investors also continued to monitor US crude inventories data, due to be released on Wednesday, with analysts expecting a decline, both in crude stocks and in gasoline supplies, Antara reported.