Oil prices traded slightly higher on Thursday as U.S. oil prices ended flat and Brent crude settled with a modest increase.
The West Texas Intermediate (WTI) for June delivery ended the day unchanged from the previous session at 71.49 dollars a barrel on the New York Mercantile Exchange.
Brent, the international benchmark for oil prices, eased back in afternoon trading after hitting a session high of 80.5 U.S. dollars a barrel.
Brent crude for July delivery closed at 79.30 dollars a barrel on the London ICE Futures Exchange.
Analysts pointed out that the oil market remained relatively calm as there was no new catalyst on Thursday, but uncertainties remain due to U.S. sanctions on Iran.
U.S. President Donald Trump announced last week that the United States would withdraw from the Iran nuclear deal, a landmark international agreement signed in 2015.
In a televised speech, Trump announced the exit, adding he would not sign the waiver of nuke-related sanctions against Iran.
The oil market retained support from the concerns over U.S. sanctions on Iran as traders bet it would reduce global crude supplies.
Some analysts said sanctions could wipe 1 million barrels per day of Iranian crude off the market, while others said the impact would be limited to fewer than 500,000 barrels a day.
Geopolitical concerns, tightening product inventories and robust demand would continue to provide support for prices, experts noted.
The West Texas Intermediate (WTI) for June delivery ended the day unchanged from the previous session at 71.49 dollars a barrel on the New York Mercantile Exchange.
Brent, the international benchmark for oil prices, eased back in afternoon trading after hitting a session high of 80.5 U.S. dollars a barrel.
Brent crude for July delivery closed at 79.30 dollars a barrel on the London ICE Futures Exchange.
Analysts pointed out that the oil market remained relatively calm as there was no new catalyst on Thursday, but uncertainties remain due to U.S. sanctions on Iran.
U.S. President Donald Trump announced last week that the United States would withdraw from the Iran nuclear deal, a landmark international agreement signed in 2015.
In a televised speech, Trump announced the exit, adding he would not sign the waiver of nuke-related sanctions against Iran.
The oil market retained support from the concerns over U.S. sanctions on Iran as traders bet it would reduce global crude supplies.
Some analysts said sanctions could wipe 1 million barrels per day of Iranian crude off the market, while others said the impact would be limited to fewer than 500,000 barrels a day.
Geopolitical concerns, tightening product inventories and robust demand would continue to provide support for prices, experts noted.
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