Crude oil futures ended sharply lower on Wednesday after the US and Iran agreed to a conditional two-week ceasefire deal that includes the reopening of the key Strait of Hormuz waterway. Besides, a report released by the Energy Information Administration (EAI) showed US crude inventories rose by 3.1 million barrels to 464.7 million barrels in the week ended April 3, compared with market expectations for a 701,000-barrel rise.
Benchmark crude oil futures for May delivery fell by $18.54 or 16.41% to settle at $94.41 a barrel on the New York Mercantile Exchange. Brent crude for June delivery decreased by $14.52 or 13.29% to settle at $94.75 a barrel on London's Intercontinental Exchange.
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