Oil prices fell on Tuesday as investors booked profits from the highest oil price levels in almost eight years, although concerns over tighter supply due to tensions in Ukraine limited losses.
International benchmark Brent crude was trading at $95.81 per barrel at 0651 GMT with a 0.69% loss after closing the previous session at $96.48 a barrel.
American benchmark West Texas Intermediate (WTI) traded at $94.73 per barrel at the same time for a 0.76% decrease after ending the previous session at $95.46 a barrel.
Amid the mounting geopolitical risks triggering concerns over tighter supply, prices rose to new seven-year-highs during the previous trading session and increased investor appetite for profit-taking.
A possible return of Iranian barrels to the market continues capping a further price increase. Iran said on Monday that an agreement to resurrect a 2015 nuclear deal with world powers was 'close at hand,' but also cautioned that sanctions must be 'truly lifted' during the ongoing talks in Vienna. After months of on-off talks, EU Foreign Policy Chief Josep Borrell boosted hopes of a new agreement.
