Crude oil futures pull back as traders weigh Iran talks, easing tensions, and softening oil demand—setting a cautious near-term oil outlook.

U.S. oil prices declined slightly Thursday but still traded above $67 per barrel after hitting two-month highs on Wednesday as traders appear to be weighing the U.S.-China trade deal with rising tensions between U.

Brent crude futures were down 73 U.S. cents, or 1.1 per cent, to US$69.04 a barrel at 5:01 a.m. ET, while U.S. West Texas Intermediate crude was 66 U.S. cents, or 1 per cent, lower at US$67.49 a barrel.