Oil prices reverse gains, Brent falls from above $111 as geopolitical risk premium wavers

Brent briefly topped $111 before reversing. December Brent down 1.2% at $108.24, December WTI down 1.2% at $97.38. No single catalyst for the move lower; analysts cite WTI contract expiration and lack of new bearish geopolitical news. U.S.-Iran diplomacy remains difficult. Record tanker freight rates add to costs.