Oil prices hover below $90

ISTANBUL

Global oil prices decreased below $90 threshold on Tuesday following emergency stocks announcement by European authorities and US President Donald Trump's statements to signal for a shorter conflict in Iran.

The European Commission said Monday that all EU member states currently hold between 85 and 90 days of emergency oil stocks and that there is no immediate concern about supply shortages despite rising global energy prices.

Trump also said on Monday that the Iran war “is very complete, pretty much."

As of 1400GMT on Monday, Brent futures price were at $87.8 per barrel, after it saw $86.3 earlier; West Texas Intermediate (WTI) feature price $84.5, and its lowest level was at $82.5 on Tuesday.

Both oil futures saw over $110 level on Monday, at the beginning of week.