Oil prices turn lower as investors assess outlook for US-Iran peace talks

Oil prices turned lower on Wednesday ​after rising about $1 at the start of trade in Asia, with investors assessing the outlook for ‌US-Iran peace talks following the U.S. extension of a ceasefire. Brent crude futures were down 21 cents, or 0.2%, at $98.27 a barrel at 0039 GMT, after touching $99.38 earlier in the session. West Texas Intermediate futures fell 28 cents, or 0.3%, to $89.39, after climbing as high ​as $90.71. Both benchmark contracts rose about 3% on Tuesday. US President Donald Trump said he would indefinitely extend the ceasefire with ​Iran, hours before its expiry, to allow talks to continue to end a war that ⁠has killed thousands and shaken the global economy. The move appeared unilateral, and it was not immediately clear whether ​Iran, or U.S. ally Israel, would agree to extend the truce, which began two weeks ago.