Oil Prices Surge on Inventory Declines and Stalled Iran Talks

International oil prices rose on Wednesday due to declining U.S. gasoline and distillate fuel oil inventories.

Data from the U.S. Energy Information Administration showed that both gasoline and distillate fuel oil inventories fell last week, which contributed to the price increase.

The November light crude on the New York Mercantile Exchange rose 1.16 percent to settle at $90.42 per barrel, while the November Brent crude on the London ICE Futures Exchange gained 0.92 percent to close at $103.53 per barrel.