US oil prices dip more than USD 1 as Trump remarks reduce fears about Iran

TOKYO – US oil prices fell more than USD 1 in early Asian trade on Thursday after US President Donald Trump said killings in Iran’s crackdown on nationwide protests were subsiding, easing fears of supply disruptions and possible military action against Iran.

US West Texas Intermediate crude futures were trading at USD 60.78 a barrel at 2322 GMT, down USD 1.24, or 2%, from the previous day’s close.

WTI had settled more than 1% higher on Wednesday, then gave back most of those gains after Trump’s remarks reduced concerns over a potential US attack on Iran and supply disruptions.

Trump said on Wednesday afternoon that he had been told that killings in Iran’s crackdown on nationwide protests were subsiding and he believed there was currently no plan for large-scale executions.

(Reporting by Yuka Obayashi; Editing by Lisa Shumaker)