Brent oil price slips toward 70 dollars

Oil prices moved lower on Thursday as investors weighed improving prospects for crude supplies from the Middle East against the persistent geopolitical risks that continue to shape the energy market.

At 08:20 GMT, Brent crude futures, the international benchmark, were down 0.7% at $71.10 a barrel, while U.S. WTI crude futures also fell 0.7% to $68.12 a barrel.

Traders continued to assess the latest round of indirect negotiations between the United States and Iran, held in Doha.

Investors are also watching for further market catalysts, including expectations that OPEC+ could approve another production increase in August.

Upcoming U.S. crude inventory data and further developments in negotiations between Washington and Tehran are also expected to play an important role in determining the near-term direction of oil prices.