Oil prices fell at the start of Asian trade on Sunday, after the United Arab Emirates and the Iran-aligned Houthi group welcomed a truce that would halt military operations on the Saudi-Yemeni border, alleviating some concerns about potential supply issues.

The early losses this week come after oil prices settled down around 13% last week – their biggest weekly falls in two years- when U.S. President Joe Biden announced the largest-ever U.S. oil reserves release.

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Oil prices extend losses from last week
UAE welcomes two-month truce in Yemen – state news agency
Price falls come after SPR news last week
NEW YORK, April 3 (Reuters) – Oil prices fell at the start of Asian trade on Sunday, after the United Arab Emirates and the Iran-aligned Houthi group welcomed a truce that would halt military operations on the Saudi-Yemeni border, alleviating some concerns about potential supply issues.

The early losses this week come after oil prices settled down around 13% last week – their biggest weekly falls in two years – when U.S. President Joe Biden announced the largest-ever U.S. oil reserves release.

source : https://www.reuters.com/