US Oil Update: Futures Steady as Hormuz Flows Recover, US-Iran Talks Show Progress

() -- Crude oil futures were little changed in midday trading on Thursday as a surge in crude flows via the Strait of Hormuz coincided with signs of progress in indirect talks between the US and Iran in Doha. Front-month West Texas Intermediate crude futures eased 0.15% to $68.48 per barrel, while Brent futures slipped 0.08% to $71.51/bbl. Gelber & Associates said that progress in US-Iran talks, the resumption of tanker movements, and improved expectations for regional exports have reduced the urgency to pay up for prompt barrels. US commercial crude oil inventories decreased by 3.8 million barrels to 408.4 mmbbls in the week ended June 26, the Energy Information Administration said in its weekly report on Wednesday. US Strategic Petroleum Reserve inventories dropped to 325.7 mmbbls for the week ended June 26, down from 331.2 mmbbls a week ago, marking a weekly decline of 5.5 mmbbls, EIA data showed. Saxo Bank strategists said that, combined with ongoing releases from the Strategic Petroleum Reserve and demand curtailed by recent high prices, the market remains exposed to a short-term supply glut. The US-Iran indirect talks in Doha made "positive progress" on matters related to.