LONDON—Oil prices steadied on Thursday as producer group OPEC+ raised the prospects of curbing oil supplies while the prospect of an agreement that could return sanctioned Iranian oil exports to the market weighed.
Brent crude eased 2 cents to $101.20 a barrel by 1033 GMT, while U.S. West Texas Intermediate crude was down 22 cents, or 0.2 percent, at $94.67 a barrel.
Comments on Monday by Saudi Energy Minister Prince Abdulaziz bin Salman about a disconnect between the futures and physical markets in which he flagged the possibility that OPEC+ could cut production have helped push oil prices to three-week highs.
“The suggestion that the price did not align with fundamentals and that OPEC+ could cut output has clearly had the desired effect,” Oanda analyst Craig Erlam said….