LONDON: Oil prices were steady on Thursday after erasing earlier gains as investors remained cautious about the Iran-Israel ceasefire while also shifting focus to market fundamentals.
Brent crude futures fell 6 cents, or 0.09 percent, to $67.62 a barrel by 12:45 p.m. Saudi time. US West Texas Intermediate crude fell 2 cents, or 0.03 percent, to $64.90 a barrel.
Both benchmarks climbed nearly 1 percent on Wednesday, recovering from early-week losses after data showed resilient US demand.
Investors will shift their focus back to macroeconomics and oil balances while also watching the Israel-Iran truce, said PVM analyst Tamas Varga.
Oil prices likely followed equity markets lower this morning, UBS analyst Giovanni Staunovo said.
