Oil prices edged lower on Thursday as global supplies appeared unaffected by fears of a wider Middle East crisis after news of the death of a Hamas leader in Iran.
Brent crude oil futures were down 67 cents (0.8%) to $80.18 a barrel and West Texas Intermediate (WTI) was down 87 cents (1.1%) to $77.06 a barrel.
In the previous session, the most active contract for both benchmarks jumped about 4% on concerns about the widening conflict in the Middle East following the assassination of Hamas leader Ismail Haniyeh in Tehran.
OPEC+'s top ministerial meeting kept oil output policy unchanged including plans to start a further cut from October.
The OPEC+ policy agreed in June calls for some of its members to phase out a 2.2 million barrel per day cut from October 2024 to September 2025.
The group also agreed to extend the initial cut of 3.66 million barrels per day until the end of 2025.
Additionally, US government data on Wednesday showed that robust export demand pushed weekly US crude oil stocks down by 3.4 million barrels.
On Wednesday, Fed Chairman Jerome Powell said US interest rates could be cut as early as September. Lower interest rates reduce borrowing costs and may boost economic activity and oil demand.
