Oil prices dip as Mideast tensions ease; market eyes trade deal

SINGAPORE - Oil prices edged lower on Tuesday as receding Middle East tensions took some heat out of the market, with both Tehran and Washington desisting from any further escalation after this month’s clashes.

Brent crude was down 8 cents, or 0.1%, at $64.12 per barrel by 0124 GMT. U.S. West Texas Intermediate crude futures were down 4 cents, or 0.1%, at $58.04 a barrel. The poll was conducted ahead of reports from the American Petroleum Institute , an industry group, and the Energy Information Administration , an agency of the U.S. Department of Energy.

Elsewhere, Saudi Arabia’s energy minister Prince Abdulaziz bin Salman said his country will work for oil market stability at a time of heightened U.S.-Iranian tension and wants to see sustainable prices and demand growth.

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