Oil prices gained more than 1 percent on Thursday, paring previous losses as investors monitored peace talks between the United States and Iran, while supply tightness and US inventory drawdowns provided some support.

Brent crude futures rose $1.27, or 1.21 percent, to $106.29 a barrel

Oil prices gained more than 1 percent on Thursday, paring previous losses as investors monitored peace talks between the United States and Iran, while supply tightness and US…