Oil prices eased on Thursday, pulling back after US President Donald Trump urged Opec to increase production at its meeting in Algeria, and slowing bullish momentum that had previously propelled the market toward four-year highs.

Brent crude oil settled down 78 cents at $78.70 a barrel. US light crude was down 32 cents to settle at $70.80 a barrel after rising nearly 2% on Wednesday.

Global benchmark Brent has been trading just below $80 a barrel, near its highest level in almost four years, on expectations that US sanctions against Iran, Opec's third biggest producer, will reduce global supply.