Oil narrows losses, closes Thursday lower

Oil drilling rigs

Oil prices narrowed losses on June 8 after the White House rebutted a media report and amid assessment of demand prospects.

The White House denied a media report that the US and Iran were nearing an interim deal, under which Iran would curb its nuclear program in return for sanctions relief, Reuters reported.

Petro Logistics stated that Equatorial Guinea, the smallest oil producer in OPEC, did not export any crude oil in May due to low output and lack of new projects to replace lost production, according to the Oil Price website.

International benchmark Brent crude for August delivery fell 1.3%, or $0.99, to close at $75.96 a barrel.

West Texas Intermediate (WTI) crude for July delivery also declined 1.7%, or $1.24, to $71.29 a barrel.