MUSCAT : Brent crude slipped marginally by three cents, or 0.05 per cent, to trade at $63.73 a barrel, while U.S. West Texas Intermediate (WTI) crude edged up four cents, or 0.07 per cent, to $59.22 a barrel.
Market sentiment has been weighed down in recent sessions following a report from the U.S. Energy Information Administration, which showed that U.S. crude oil and gasoline inventories rose far more than analysts had anticipated. The data pointed to softer demand conditions and ample supply, adding downward pressure on prices.
At the same time, concerns over potential supply disruptions from the Middle East have eased. Donald Trump said this week that a possible military attack on Iran could be postponed, a remark that helped cool geopolitical tensions in the region.
Oil prices remained stable as easing Middle East tensions balanced the impact of rising U.S. crude and gasoline inventories. Brent crude slightly decreased, while WTI crude saw a minor increase. The U.S. Energy Information Administration's report indicated higher-than-expected inventory levels, suggesting weaker demand and ample supply, while geopolitical concerns in the Middle East have subsided.