Oil prices decreased on Thursday amid an unexpected increase in US crude oil inventories, the world's largest oil consumer, and nuclear negotiations between the US and Iran.
International benchmark Brent crude decreased by around 2.4%, trading at $63.93 per barrel at 10.45 a.m. local time (0745 GMT), down from $65.49 at the previous session's close.
The US Benchmark West Texas Intermediate decreased by about 2.7%, settling at $60.80 per barrel, compared to its prior session close of $62.43.
The US Energy Information Administration (EIA) reported that the country's commercial crude oil inventories rose by 3.5 million barrels last week, reaching 441.8 million barrels.
Market expectations had been for a decrease of around 2 million barrels.
This increase, signaling a decline in demand in the US, has heightened concerns in the markets over a possible oversupply.
Meanwhile, nuclear negotiations between the US and Iran are ongoing, and developments related to the talks are also influencing price movements.
During his Middle East tour, US President Donald Trump, who visited Qatar, expressed hope that Qatari Emir Sheikh Tamim bin Hamad Al Thani could help facilitate an agreement in the ongoing nuclear negotiations with Iran.
Trump reiterated his desire for a peaceful resolution to Iran's nuclear programs and stated that the decision now lies with Tehran.
In a related development, the US State Department announced that it had added several individuals and companies based in China and Hong Kong to its sanctions list, citing their support for Iran's ballistic missile program.
By Duygu Alhan
Anadolu Agency