Tokyo, August 06 (QNA) - Oil prices slipped on Thursday amid hopes that progress in recent talks could pave the way for a US-Iran peace deal to end the five-month war and reopen the Strait of Hormuz.
Brent crude futures fell 37 cents, or 0.5%, to $79.08 a barrel. US West Texas Intermediate (WTI) futures declined 53 cents, or 0.7%, to $74.69 a barrel. Brent settled up slightly on Wednesday, while WTI edged lower.
Separately, US crude stocks rose as refineries eased processing slightly and imports edged higher, data from the Energy Information Administration showed on Wednesday.
Crude inventories rose by 2.5 million barrels to 407 million barrels in the week ended July 31, the EIA said. (QNA)