LONDON: Oil prices eased on Wednesday as investors assessed the outlook for U.S.-Iran peace talks after the U.S. announced an extension of the ceasefire.

Brent crude futures were down 32 cents, or 0.3%, at $98.16 a barrel at 0721 GMT, after touching $99.38 per barrel earlier in the session. West Texas Intermediate futures were down 53 cents, or 0.6%, to $89.14 after climbing as high as $90.71 at the open.