Oil prices took a breather on Wednesday after surging to seven-year highs in the previous session as it became clear the first wave of US and European sanctions on Russia for sending troops into eastern Ukraine would not disrupt the oil supply.
At the same time, the potential return of more Iranian crude to the market, with Tehran and world powers close to reviving a nuclear agreement, also kept a lid on prices, which hit seven-year highs in the previous session.
Brent crude fell 13 cents, or 0.1 per cent, to $ 96.71 a barrel at 6.12 am, after soaring as high as $99.50 on Tuesday, the highest since September 2014. US West Texas Intermediate (WTI) crude futures fell 6 cents, or 0.1 per cent, to $ 91.85 a barrel, after hitting $96 on Tuesday.
