Singapore: Oil prices steadied in Asian trade on Wednesday after falling about 2% in the previous session as investors assessed progress in US-Iran talks but remained cautious about the prospects of a final deal that could ease supply concerns. Brent futures rose 15 cents or 0.22% to $67.57 a barrel, while US West Texas Intermediate (WTI) crude was up 12 cents or 0.19% at $62.45. Both are around two-week lows.

According to Qatar News Agency, the recent fluctuations in oil prices are largely attributed to ongoing discussions between the United States and Iran. Investors are closely monitoring these talks, given their potential impact on global oil supply. Despite the modest gains in oil prices during the latest trading session, the markets remain wary of the outcome of these negotiations.

The talks between the US and Iran are seen as a critical factor that could influence oil prices in the near future. Any agreement could potentially lead to the lifting of sanctions on Iranian oil, thereby increasing global supply and affecting market dynamics. As a result, traders are keeping a close eye on developments to gauge potential shifts in pricing trends.

Overall, while the current stabilization in oil prices provides some respite, market participants remain attentive to geopolitical developments that could significantly alter the supply-demand balance in the oil market. The cautious stance reflects the uncertainty surrounding the finalization of a deal and its implications for future oil supply.