Oil prices deepened their losses during trading, after the United States and Iran announced they had reached an agreement for a temporary ceasefire and the reopening of the Strait of Hormuz, through which about 20% of the world's energy supplies pass.
Brent crude futures for June delivery fell 16.68%, or $18.23, to $90.93 a barrel.
America's stockpiles
Nymex crude oil futures for May delivery fell by 18.37%, or $20.75, to $92.20 a barrel.
Estimates from the American Petroleum Institute showed that crude oil inventories in the United States rose by about 3.7 million barrels during the week ending April 3, and official data due today is expected to show a decline in crude inventories of about 1 million barrels.
