Brent crude fell below US$90 a barrel on Tuesday, the first time since August, as expectations of easing Middle East tensions reduced fears of supply disruption. The Brent threshold of US$90 equals 496.31 Brazilian reais, according to the source’s conversion.
Brent traded as low as US$89.66 a barrel in the morning session, or 494.44 reais. WTI fell 2.08 percent to US$85.04 a barrel, or 468.96 reais.
Diplomacy weighs on prices
His remarks came after a meeting with the prime minister of Qatar.
The prospect of a peace agreement remains unclear. There are no concrete signs of an imminent deal, but the risk of new military escalation has decreased.
Supply flows recover
Analysts at ING said oil and fuel flows from the Gulf are near pre-war levels, thanks to alternative routes around the Strait of Hormuz. That recovery has eased concern about shortages.
Meanwhile, the wider market shows signs of oversupply. OPEC output increased in October, adding pressure on prices.
Related: Gold falls below $3,900 to lowest since late October
