The price of oil in global trading on Thursday fell on hopes of holding peace talks, which were dampened by the severity of new concerns about the disruption of oil supplies to the Middle East, losing some of the previous day's price gains. Brent crude oil futures fell 85 cents, equivalent to 0.7%, to $114 and 47 cents per barrel. West Texas Intermediate (WTI) crude futures fell $1.13, or 1.1%, to $101.65 a barrel.