SINGAPORE: Global oil prices edged lower on Thursday after Iran signalled its willingness to continue diplomatic efforts to end its ongoing war with the United States, although the two sides remain divided over the terms for a ceasefire and an end to hostilities.
Brent crude futures fell 94 cents, or 0.9%, to $102.13 a barrel on Thursday, following a nearly 4% increase in the previous session. US West Texas Intermediate (WTI) crude futures also declined by 59 cents, or 0.7%, to $91.56 a barrel.
Meanwhile, data released by the US Energy Information Administration (EIA) showed that US crude oil inventories increased by 3 million barrels last week, reaching 426.4 million barrels.
The increase was contrary to expectations in a Reuters poll, in which analysts had forecast a draw of 641,000 barrels in US crude inventories.
