Oil Prices Fall as Hopes for US-Iran Deal Grow
Oil prices fell on Wednesday as hopes for an interim US-Iran agreement grew after a full-day of negotiations. The optimism eased concerns over supply disruptions, weighing on oil markets. International benchmark Brent crude futures traded at $79.29 per barrel, down 0.09% from the previous close of $79.36.
US President Donald Trump said there was an 'all-day negotiation' with Iran and that things were 'very good'. He added that the US is 'moving along very nicely' with Iran. The Strait of Hormuz, a key route for roughly one-fifth of global oil supplies, could reopen soon.
Investors also turned their attention to US inventory data after figures attributed to the American Petroleum Institute showed crude oil stocks rose by about 2.69 million barrels last week. Official inventory data from the US Energy Information Administration is expected later Wednesday, which may provide further direction for oil prices.