SINGAPORE: Oil prices eased on Thursday, reversing gains made earlier in the Asian trading session, as market participants assessed a US decision to move personnel from the Middle East ahead of talks with Iran over the latter’s nuclear-related activity.
Brent crude futures were down 49 cents, or 0.7 percent, to $69.28 a barrel at 9:30 a.m. Saudi time, while US West Texas Intermediate crude was 41 cents, or 0.6 percent, lower at $67.74 a barrel.
A day earlier, both Brent and WTI surged more than 4 percent to their highest since early April.
US President Donald Trump said the US was moving personnel because the Middle East “could be a dangerous place.” He also said the US would not allow Iran to have a nuclear weapon. Iran has said its nuclear activity is peaceful.
Increased tension with Iran has raised the prospect of disruption to oil supplies. The sides are set to meet on Sunday.
