Oil falls

London : Oil prices fell on Thursday as Iran signalled it could be won over to a small rise in OPEC crude output, potentially paving the way for the producer cartel to agree a supply increase during a meeting on Friday.

However, prices were prevented from dropping further by record refinery runs in the United States and a large decline in crude inventories, a sign of strong fuel demand in the world´s biggest economy.

Brent crude futures were at $74.51 per barrel at 0152 GMT, down 23 cents, or 0.3 percent, from their last close. U.S. WTI crude futures were at $65.64 a barrel, down 7 cents, or 0.1 percent. Iran, a major supplier within the producer cartel of the OPEC, signalled on Wednesday it could agree on a small increase in the group´s output during a meeting to be held at OPEC´s headquarters in Vienna on June 22 together with non-OPEC member but top producer Russia.