BEIJING/SINGAPORE (Reuters) – Oil prices rose over 1 percent on Thursday, reversing earlier falls, as investors looked to peace negotiations between the United States and Iran, but supply tightness and US inventory drawdowns gave some support.
Brent crude futures increased $1.27, or 1.21 percent, to $106.29 a barrel at 09:18 a.m. Saudi time, U.S. West Texas Intermediate futures rose $1.29, or 1.31 percent, to $99.55. Both benchmarks fell more than 5.6 percent on Wednesday to their lowest in over a week after President Donald Trump said discussions with Iran were in the final stages, but also warned harsher attacks if Tehran did not negotiate a peace agreement.
The oil market continues to be overly sensitive to Iran-related headlines, with participants still placing significant hope on reports that talks between the US and Iran are progressing,” ING analysts said in a note on Thursday.
We have been in this situation a few times before, and it ended in disappointment,” they continued, projecting an average Brent price of $104 a barrel in the current quarter.Iran announces measures, threatens more strikes.
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