Muscat: Brent crude futures dropped 60 cents, or 0.7 per cent, to $87.24 a barrel, marking a fourth consecutive day of declines.
West Texas Intermediate (WTI) crude futures also fell 56 cents, or 0.7 per cent, to $81.67 a barrel, extending losses for a fifth straight session.
The decline comes as markets closely watch diplomatic efforts that could pave the way for improved shipping through the Strait of Hormuz and reduce concerns over oil supply disruptions linked to the conflict in the Middle East.
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Iran and Oman are working to finalise details of an agreement concerning control of the Strait of Hormuz, while expectations of further regional talks have raised hopes of easing tensions around the vital shipping route.
