Oil prices extend decline on expectations of smoother crude flows via Hormuz

Brent crude fell 0.5 percent to 76.71 dollars a barrel and US WTI slipped 0.5 percent to 72.85 dollars a barrel, both touching their lowest levels since early March. Prices came under pressure after Washington granted Tehran a 60-day sanctions waiver following initial peace talks and as hostilities in Lebanon eased, with hopes of a recovery in oil shipments through the Strait of Hormuz. Meanwhile, API data showed US crude stocks fell by 765,000 barrels in the week ended June 19, while analysts polled by Reuters estimated a larger draw of about 4.5 million barrels.