Oil prices rose at the close of trading today, Wednesday, following a volatile session that was punctuated by concerns regarding nuclear talks with Iran, as well as US stockpile data.
Observers fear that the United States will not make more concessions in its response to a proposed draft to revive the nuclear agreement with Iran.
Iran announced that it had received a response from the United States to the final draft from the European Union on reviving the nuclear agreement concluded between the West and Tehran in 2015.
At the close of the session, Brent contracts rose by $1 to $101.22 a barrel. US crude contracts also rose by 1.23%, or the equivalent of $1.15, to $94.89 a barrel.
Oil prices rose to their highest level in three weeks earlier in the session on Wednesday, following the Saudi Energy Minister hinted at a possible cut in OPEC + production.
Data issued by the Energy Information Administration showed that crude oil inventories in the United States fell by 3.3 million barrels to 421.7 million barrels last week, while expectations indicated a decline of 933,000 barrels.
The Energy Information Administration said that crude stocks in the US Strategic Petroleum Reserve fell by 8.1 million barrels to 453.07 million barrels last week, the lowest level since January 1985.
And US imports of crude oil rose last week by 862,000 barrels per day to 1.99 million barrels per day.
