WASHINGTON (dpa-AFX) - Oil prices fell slightly on Thursday after rising in the previous session as a larger-than-expected draw in U.S. crude stocks signaled firm demand.
Benchmark Brent crude futures dipped 0.1 percent to $66.36 a barrel in European trade while WTI crude futures were down 0.2 percent at $64.77.
Oil prices consolidated at near two-week lows after rebounding from their biggest two-day decline since 2022 on Wednesday.
Both Brent and WTI contracts rose nearly 1 percent in the previous session after inventory data for the week ended June 20 signaled resilient U.S. demand.
Investors remained cautious about the fragile Iran-Israel truce while also shifting focus to market fundamentals.
U.S. President Donald Trump has suggested that the United States may soften its enforcement of oil sanctions on Iran to help the country recover after years of conflict and economic pressure.
He said that the U.S. would hold a meeting with Iran next week but cast doubt on the need for a diplomatic agreement on the country's nuclear program.
Elsewhere, the Bloomberg reported that Russia is open to another output hike at the next OPEC+ meeting if the alliance deems such an increase to be necessary.
Investors also reacted to Trump's latest comments about Fed leadership and awaited more clarity on tariffs ahead of the July 9 deadline.
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