TOKYO : Oil prices declined in early Asian trading today after rising four percent the previous day, as investors assessed efforts by the United States and Iran to resolve their dispute despite intensified military activities in the key oil-producing region.

Brent crude futures fell by 12 cents, or 0.2 percent, to $70.23 per barrel, while US West Texas Intermediate crude dropped by eight cents, or 0.1 percent, to $65.11 per barrel.

Both benchmarks had settled more than four percent higher yesterday, Wednesday, marking their highest levels since Jan. 30, as traders evaluated the likelihood of potential supply disruptions.

Meanwhile, market sources cited data from the American Petroleum Institute showing that US crude, gasoline, and distillate inventories declined last week.

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