NEW DELHI, May 29 -- Global oil prices slipped around 1% on Friday morning after reports that Iran and the US have agreed to extend their fragile ceasefire, easing immediate supply disruption fears.

A report by American news website Axios on Thursday said US and Iranian negotiators have reached a 60-day memorandum of understanding (MoU) to extend the ceasefire and open talks on Iran's nuclear programme, though US President Donald Trump has not yet given final approval. Iran has also not confirmed its acceptance, it said.

At 8:40 am, India time, the July Brent contract on the Intercontinental Exchange traded at $92.86 a barrel, down 0.91% from its previous close. The July West Texas Intermediate contract on Nymex fell 1.24% to $87.73 a b...