WASHINGTON (dpa-AFX) - Oil prices were subdued on Thursday after climbing more than 2 percent the previous day to reach their highest levels since July, driven by a larger-than-forecast fall in U.S. crude oil stocks and concerns around the potential impact of the new U.S. sanctions on Iranian and Russian crude oil exports.
Benchmark Brent crude futures slipped 0.1 percent to $81.92 a barrel in European trade while WTI crude futures were down 0.2 percent at $78.59.
While a weaker dollar, mounting risks to global supplies and data indicating a large draw in U.S. crude stockpiles lent some support, caution prevailed ahead of the release of Chinese GDP figures for the final quarter and other key economic indicators due on Friday.
Meanwhile, benign U.S producer and consumer price inflation readings brought expectations of softer monetary policy back into play, potentially supporting hopes for improved economic growth.
On the geopolitical front, Israel and Hamas have agreed to implement the ceasefire agreement, eight months after it was drafted and approved by the UN Security Council.
This move marks a potential turning point in one of West Asia's bloodiest conflicts in Gaza.
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