WTI crude oil futures drifted further under $63 per barrel to be trading around a two-week low on Wednesday morning in Asia amid cautious moves on uncertainty and heightened tensions in the Middle East. Iranian Foreign Minister Abbas Araqchi reportedly stated on Tuesday that the US and Iran reached an understanding on the main 'guiding principles' in talks aimed at resolving their longstanding nuclear dispute, but that does not mean a deal is imminent. Meanwhile, the release of the American Petroleum Institute (API) report, which will be released later today will be watched for further cues. Currently, the counter is quoting at $62.35 per barrel, up marginally on the day.
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