Muscat: Oil prices slid by more than 1% in early Asian trading today, weighed down by easing geopolitical concerns. Brent crude futures fell 89 cents, or 1.31%, to $67.16 a barrel, while US West Texas Intermediate (WTI) crude futures dropped 79 cents, or 1.24%, to $62.76 a barrel.

According to Oman News Agency, market sentiment was pressured by reduced concerns over supply disruptions, prompting investors to reassess recent gains in crude prices. The easing geopolitical tensions have led to a shift in focus from potential supply threats to the fundamental aspects of the oil market, including production levels and demand forecasts.

As geopolitical tensions subside, traders are now evaluating the impact on global oil supply chains, which has contributed to a decrease in prices. This development comes as a relief to markets that have been jittery over potential disruptions in the Middle East, a key region for global oil production. The recent price adjustments are being closely monitored by analysts to predict future trends in the oil market.