Oil regains some poise after three percent drop | Reuters

Oil regains some poise after three percent drop | Reuters:

Oil inched up on Thursday, paring some of the previous day’s steep price slide, after the first round of U.S. sanctions against Iran came into effect, although confidence in crude demand has been hit by the escalating China-U.S. trade dispute.

Brent crude LCOc1 futures were up 14 cents at $72.42 barrel by 0855 GMT, after having dropped by more than 3 percent on Wednesday. U.S. crude futures CLc1 rose 8 cents to $67.02 a barrel, having closed down 3.2 percent the day before.

“The market is supported by concerns the sanctions on Iran are going to reduce Iranian supply,” said Tony Nunan, oil risk manager at Mitsubishi in Tokyo.