Oil Prices Drop As Iran Signals Support For OPEC Output Rise

Oil prices fell on Thursday as Iran signalled it could be won over to a small rise in OPEC crude output, potentially paving the way for the producer cartel to agree a supply increase during a meeting on Friday.

However, prices were prevented from dropping further by record refinery runs in the United States and a large decline in crude inventories, a sign of strong fuel demand in the world's biggest economy.

Brent crude futures were at $74.51 per barrel at 0152 GMT, down 23 cents, or 0.3 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were at $65.64 a barrel, down 7 cents, or 0.1 percent.

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Suhani Verma

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