Brent settled at $114.88 and WTI at $102 on Thursday

Brent crude futures settled down 44 cents, or 0.38%, at $114.88 a barrel on Thursday, and U.S. West Texas Intermediate settled down 78 cents, or 0.76%, at $102, Reuters reported. Xinhua reported the same December-contract closes: WTI down 78 cents, or 0.76%, at $102.00 on the New York Mercantile Exchange, and Brent down 44 cents, or 0.38%, at $114.88 on the ICE Futures Exchange. CNBC reported Brent down 44 cents at $114.88 and WTI down 78 cents at $102. A settlement is a market result. It is not a view on where the next one should be.

Reuters said both benchmarks fell by more than $2 a barrel earlier in the session and later recovered part of that drop. It said the day’s move unwound some of Wednesday’s gains, which it put at 1.3% for Brent and 3% for WTI. CNBC also described Thursday’s decline as a pullback after those supply concerns. Neither figure is a forecast.

Reuters attributed the lower settlement to hopes for talks between the United States and Iran, which it said offset some concern about supply disruptions from the regional conflict. UBS analyst Giovanni Staunovo told Reuters that prices were under pressure amid renewed diplomatic efforts. That is his comment on the session, not a call on the next price. This article does not adopt a view on how those talks will end.