Oil Prices Rebound Dented by Weaker Demand Outlook

Oil prices retreated on Thursday after gains in previous sessions, as attention turned to weaker global demand expectations. Brent futures slipped 42 cents, or 0.47%, to $88.56 a barrel by 0405 GMT, while West Texas Intermediate (WTI) crude fell 55 cents, or 0.66%, to $82.72.

The decline comes as there has been no progress in talks to revive an interim deal between the US and Iran, with both sides remaining deadlocked. ING analysts noted that 'there was little in the way of fresh developments' between the two nations.

Meanwhile, a large drone attack on Russia's Novorossiysk port has spared oil infrastructure, with no reports of damage to oil terminals as of now.