Crude oil prices dipped earlier as supply concerns eased in the wake of Iran’s subdued response, reversed course and settled modestly higher amid lingering uncertainties arising from geopolitical instability.

U.S. West Texas Intermediate crude rose 0.50 per cent to settle at 83 dollars 14 cents per barrel, while Brent settled at 87 dollars 29 cents per barrel, up 0.2 per cent on the day.