Oil prices ease as Iran says prepared to take steps to reach deal with US

NEW YORK: Oil prices retreated from near seven-month highs scaled earlier in the session on Tuesday, as Iran said it was prepared to take any necessary steps to reach a deal with the United States ahead of nuclear talks later this week.

Brent futures fell 54 cents, or 0.7 percent, to USD70.95 a barrel at 12.58 p.m. EST (1758 GMT), while US West Texas Intermediate crude fell 49 cents, or 0.7 percent, to USD65.82.

Earlier in the session, Brent had been on track for its highest close since July 31 and WTI for its highest close since August 1.

Iran, the third-biggest crude producer in the Organization of the Petroleum Exporting Countries, and the US will hold a third round of nuclear talks on Thursday in Geneva, Oman’s Foreign Minister Badr Albusaidi said on Sunday.