This is the first time Brent crude has fallen below $72.
- World oil prices fell sharply on optimism about Strait of Hormuz traffic flows
- Oil prices fell despite suspension of a UN evacuation program
- US West Texas Intermediate crude declined 4.5 percent to below $69
World oil prices extended sharp losses Friday on optimism for traffic flows in the Strait of Hormuz despite the suspension of a UN evacuation programme.
The price of Brent North Sea crude, the international benchmark, dived more than five per cent to around $71.50 a barrel, and the main US contract, West Texas Intermediate, shed 4.5 per cent to under $69.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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