Oil prices edged lower on Wednesday as the market took a breather on expectations Opec may raise supplies as early as June, although geopolitical risks kept a floor under the market.
Brent futures dipped 4 cents to $79.53 a barrel by 0006 GMT, after climbing 35 cents on Tuesday. Last week, the global benchmark hit $80.50 a barrel, the highest since November 2014.
US West Texas Intermediate (WTI) crude futures eased 2 cents to $72.18 a barrel, having climbed on Tuesday to $72.83 a barrel, the highest since November 2014.
“Geopolitical risks … kept investors on their toes. US Secretary of State Pompeo demanded that Iran halt all uranium enrichment and give nuclear inspectors access to the entire country,” ANZ said in a note.
“However, investors are mindful of upcoming talks between Russia and Saudi Arabia about whether they should look at a controlled relaxation of over-compliance with their output cut agreement.” Read More