Oil prices steady after two-day decline

Global oil prices edged higher on Wednesday after falling for two straight sessions, as investors closely monitored diplomatic efforts to ease tensions between the United States and Iran.

Brent crude rose 26 cents, or 0.33 per cent, to $79.62 a barrel, while US West Texas Intermediate (WTI) crude gained 12 cents, or 0.16 per cent, to $75.90 a barrel.

According to Reuters, the market found support as traders watched developments in efforts to end the US-Iran conflict and restore normal shipping through the Strait of Hormuz.

Qatar said mediation efforts between Washington and Tehran had made progress, although Iran denied US President Donald Trump’s claim that formal talks had already begun.

The Office of the Emir of Qatar said Trump and Emir Sheikh Tamim bin Hamad Al Thani discussed ways to narrow differences between the two sides and improve prospects for a lasting solution during a phone call on Tuesday. 

SKS