Singapore – Oil prices saw a slight decline on Thursday. This followed strong gains in the previous session. Peace talks between Iran and the United States remain deadlocked. Trade through the Strait of Hormuz is also disrupted.
Brent crude futures fell by 15 cents. It settled at $101.76 per barrel. Brent had surpassed $100 per barrel at Wednesday’s close.
This was the first time in over two weeks. West Texas Intermediate (WTI) crude futures dropped by 14 cents. WTI reached $92.82 per barrel. Both benchmark crude oils had ended Wednesday’s trading with gains exceeding three dollars. This was supported by a larger-than-expected drop in U.S. gasoline and distillate stockpiles.