Crude prices drift higher as focus turns back to Iran

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The Fed's rate-setting committee also downplayed a recent slowdown in economic and job growth, saying that activity had been expanding at a moderate rate and job gains, on average, had been strong in recent months.

US crude inventories rose by 3.4 million barrels to 432.575 million in the week to March 27, according to a report by the American Petroleum Institute on Tuesday.

At the time, energy minister Alexander Novak said there had been a seasonal rise in gas demand that resulted in higher gas output and corresponding increase in associated gas liquids that are included in total liquids output.

WTI crude oil future +0.26% to $68.11/bbl at last check.

NEW YORK, May 3 (Reuters) - Oil prices slid lower on Thursday as a weaker USA equity market dragged on prices, offsetting OPEC production cuts and the potential for new US sanctions against Iran.

"Geopolitical noise remains loud and in part pushed oil prices towards $75 per barrel", said Norbert Ruecker, head of commodity and macro strategy at Julius Baer.

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The United States, however, has expressed doubts over Iran's sincerity in implementing those curbs and President Donald Trump has threatened to re-impose sanctions.

The sanctions on Iran were lifted under a 2015 agreement among a group of world powers, including.

Trump has all but made a decision to withdraw from the 2015 Iran nuclear accord by May 12 but exactly how he will do so remains unclear, two White House officials and a source familiar with the administration's internal debate said on Wednesday.

Some analysts, however, said there was a risk that prices could slump as too many oil traders were betting on renewed sanctions.

However, the rising value of the dollar since mid-April.DXY and soaring USA supplies have helped check further oil price gains, traders said.