Oil Moves Lower After Report of Iranian Response to US Proposals

Oil prices moved lower, paring weekly gains in London and New York, after Axios reported that Iran replied to US amendments on a potential peace agreement, without providing details.

Brent crude futures for July settlement were down about 0.2% at about $110 a barrel in London after an Axios reporter said that Tehran delivered its response to the US via Pakistani mediators. West Texas Intermediate, with significantly lower volumes, was 2.1% lower at about $103.