Fall in oil prices: Crude oil reached near $ 76 per barrel for the first time since March 2

New Delhi . Global crude oil prices have fallen after the first round of talks between US-Iran officials ended in Switzerland. In the international market, crude oil has reached close to $ 76 per barrel for the first time since March 2.

During trading in the international market on Wednesday, the price of international benchmark Brent crude is trending around $ 75.75 per barrel with a decline of $ 1.33 or 1.73 percent. In early trading it was close to $ 79 per barrel. American West Texas Intermediate (WTI) crude is currently trading at $ 71.98 per barrel, down by $ 1.23 or 1.68 percent.

Experts say that this fall in the prices of crude oil in the international market is the effect of normalization of traffic through the Strait of Hormuz. This decline reflects optimism regarding reduction in geopolitical tensions and diplomatic efforts between the US and Iran, which is a relief for oil importing countries like India.

Crude oil prices worldwide have fallen to around $76 a barrel, down from their high of around $117 on March 2.