WASHINGTON (dpa-AFX) - Oil prices fell on profit taking Thursday after surging over 4 percent on Wednesday to hit a two-month high amid escalating Middle East tensions.
Benchmark Brent crude futures fell 1.1 percent to $68.99 in European trade while WTI crude futures were down 0.9 percent at $67.52.
Traders booked some profits at higher levels as a new U.S.-China trade deal provided few concrete details.
Talks in London aimed at cooling tensions between the countries ended in a 'deal', according to U.S. President Donald Trump. The Chinese side didn't disclose any progress, resulting in a fragile truce.
In another development, Trump has threatened that he would send letters to trading partners in the next week or two setting unilateral tariff rates.
On the geopolitical front, Israel is reportedly getting ready to quickly strike Iran if ongoing talks between the U.S. and the Islamic Republic break down.
Trump on Wednesday said he will be moving U.S. personnel out of the Middle East, especially Iran, because 'it could be a dangerous place.'
The flare-up in Middle East tensions raised fear that any conflict could disrupt shipping routes or oil infrastructure across the Gulf.
On the supply side, OPEC+ has concurred to increase production by 411,000 barrels per day for May, June and July, speeding up its plan to increase production.
Official data from the U.S. showed a decline in crude oil inventories in the U.S. for the week ending June 6.
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