Oil prices edge lower after US, Iran extend talks

Group 1 - Oil prices fell on February 27, with Brent crude futures decreasing by 28 cents (0.4%) to $70.47 per barrel and WTI futures dropping by 29 cents (0.44%) to $64.92 [1] - For the week, Brent crude is projected to decline by 1.8%, while WTI is expected to fall around 2.2%, reversing some of the previous week's gains [1] - The United States and Iran extended talks regarding Iran's nuclear program, which alleviated concerns about potential hostilities that could disrupt oil supply [1] Group 2 - Indirect talks between the U.S. and Iran took place in Geneva, with discussions focusing on the nuclear dispute to prevent conflict following a military build-up ordered by U.S. President Donald Trump [1] - Oil prices initially rose by over a dollar per barrel during the talks due to reports of stalled negotiations, particularly over U.S. demands for zero uranium enrichment by Iran [1] - Prices eased after an Omani mediator indicated progress in the discussions, with technical-level negotiations scheduled for the following week in Vienna [1]