Oil rebounds slightly after sharp drop
US crude benchmark West Texas Intermediate crude oil rose slightly on Wednesday as traders took a cautious stance following a steep decline in prices a day earlier.
WTI increased by 0.44 percent to $91.68 per barrel, recovering modestly after dropping nearly eight percent in the previous session.
The earlier fall came as optimism grew over potential diplomatic progress in the Middle East. Donald Trump indicated that talks between the United States and Iran could resume later this week.
Meanwhile, Israel and Lebanon agreed to begin direct negotiations, raising hopes for reduced tensions in the region.
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