Tokyo : Oil prices eked out gains on Thursday, reflecting concerns about Iranian crude supplies as the U.S. hit Tehran with new sanctions, halting Wednesday´s declines in the face of an escalating China-U.S. trade dispute and worries over Chinese demand.
Brent crude futures were up 20 cents, or 0.3 percent, at $72.48 barrel by 0644 GMT, following a decline of more than 3 percent on Wednesday.
U.S. West Texas Intermediate
(WTI) crude futures had gained 10 cents, or 0.2 percent, to $67.04 a barrel, after dropping 3.22 percent the previous session.
"The market is supported by concerns the sanctions on Iran are going to reduce Iranian supply," said Tony Nunan, oil risk manager at Mitsubishi in Tokyo. "The geopolitical risk from Iran is keeping a floor under the price," he said.
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