Key insights
- Oil prices declined sharply following reports of potential US-Iran peace talks, signaling a possible increase in oil supply. This news negatively impacts energy sector equities and could contribute to lower inflation expectations, providing a slight tailwind for broader US equities.
LONDON, April 24 (Reuters) - Oil turned negative on Friday after a Pakistani government source said Iranian Foreign Minister Abbas Araqchi was expected to arrive in Islamabad on Friday night with a small team and peace talks with the U.S. were likely to take place.
Brent crude futures were down 96 cents, or 0.9% at $104.11 at 1141 GMT, having earlier been up over 2.1%. U.S. West Texas Intermediate futures fell $1.99 or 2.1% to $93.86, also erasing an earlier gain.
(Additional reporting by Sam Li and Helen Clark. Editing by Susan Fenton)