Oil Prices Rise on Stalled US-Iran Talks and Tight Fuel Markets
US gasoline and distillate inventories fell by 4 million barrels last week, the Energy Information Administration said.
- On Wednesday, Brent futures rose 57 cents to $103.16 a barrel, while West Texas Intermediate climbed 82 cents to $90.20 as stalled US-Iran talks and tight fuel markets underpin prices.
- President Donald Trump denied reports from Axios and CNN claiming he offered Iran sanctions relief in exchange for "concrete" steps on its nuclear programme, while Qatar expressed hope for diplomatic progress on Tuesday.
- Energy Information Administration data released Wednesday showed distillate stockpiles dropped by 2.3 million barrels, while Goldman Sachs estimates Gulf oil exports recovered to 23.3 million barrels per day last week.
- OPEC oil-producing countries will likely maintain steady production targets when they meet on Sunday, though analysts at Japanese bank MUFG warn persistent product shortages will keep the energy market tight.
- Trump considers allowing sales of red-dyed diesel to provide domestic price relief before the elections, while the White House has urged the European Union to release emergency diesel inventories to lower global prices.
13 Articles
13 Articles
(New York = Yonhap News) Correspondent Lim Soo-jung = International oil prices on the 30th (local time) were affected by the deadlock in negotiations between the U.S. and Iran and a decrease in U.S. petroleum product inventories...
Why are oil prices rising again? US crude and Brent November futures witness spike
Oil prices are moving upwards on Wednesday. US crude climbed 2.2% to $91.33 a barrel while Brent November futures jumped 1% at $103.71. The US stock markets are also witnessing a spike. Dow Jones rose 30.02 points to 51,379.94, the S&P 500 climbed 45.83 points to 7,716.67 and the Nasdaq Composite scaled 273.34 points to 27,071.20.
Oil prices are rising on Wednesday and ending September with strong growth against the background of a lack of progress in resolving the Middle East crisis.
At 0944 GMT, Brent's November futures, which expire on Wednesday, advanced 57 cents, or 0.6 percent, to $103.16 a barrel.
Business Recorder
GV WireOil prices rise on stalled US-Iran talks and tight fuel markets
NEW YORK/LONDON: Oil prices rose on Wednesday and were on track for significant monthly gains on stalled US-Iran peace talks and tightening US fuel markets. The Brent November futures contract, which expires on Wednesday, was up $1.12, or 1%, at $103.71 a barrel at 10:50 a.m. EDT. The more active December contract was up $2.65, or 2.8%, at $98.81. US West Texas Intermediate crude was up $1.98, or 2.2%, at $91.98. Brent is headed for a monthly ga…
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