Oil prices steadied on Thursday after the previous session’s sharp losses on the back of swelling US crude stocks and easing fears of imminent escalation of conflict between the US and Iran. Prices were hovering around where they stood before the January 3 US drone strike that killed a top Iranian general, prompting an Iranian rocket attack on Iraqi airbases hosting US forces, and sent crude to its highest in four months.
Brent crude futures moved up and down in early European trading after a 4.1% fall on Wednesday. By 1322 GMT Brent was down 5 cents at $65.39 a barrel. West Texas Intermediate was up 3 cents at $59.64 after sliding nearly 5% the previous day.
During European trading hours Iranian media carried reports of military commanders speaking of further action aimed at expelling US troops from the region.
