Oil prices rise more than 1% on Thursday

Oil prices rose more than 1 per cent on Thursday, recovering part of the previous session’s losses as investors monitored peace talks between the United States and Iran, while tighter supplies and declines in US crude inventories supported the market.

Brent crude futures gained $1.27, or 1.21 per cent, to $106.29 a barrel by 0618 GMT, while US West Texas Intermediate futures rose $1.29, or 1.31 per cent, to $99.55 a barrel.

Both benchmarks had fallen more than 5.6 per cent on Wednesday to their lowest levels in more than a week after US President Donald Trump said talks with Iran were in the final stages, while also threatening further attacks if Tehran did not agree to a peace deal.

Attribution: Reuters