Oil prices eased on Wednesday after topping to seven year highs in the previous session after U.S. and European sanctions on Russia become clear and geopolitical tensions would not disrupt oil supply.
Besides, as the Iran deal with world superpower draws closer adds to further easing of supply.
The WTI inched up by 0.02% to $91.94 per barrel while the Brent inched up by 0.03% to $96.81 per barrel.
“The NATO allies are holding back some punitive measures as bargaining chips, which also means the door to diplomacy is still open. The Iran nuclear deal remains a possibility until it is not,” said Vandana Hari, founder of oil market analysis provider Vanda Insights, as reported by Reuters.
“The two factors will leave crude rangebound and hold Brent back from $100 for the time being,” Hari added.
“The sanctions that are being imposed today as well that could be imposed in the near future are not targeting and will not target oil and gas flows,” a senior U.S. State Department official told reporters late on Tuesday.
