Stalled US-Iran Talks Offset Recovering Oil Supplies

Oil prices remained steady on Wednesday despite stalled US-Iran talks offsetting recovering Middle East crude supplies.

The Brent futures November contract was down 16 cents to $102.43 a barrel, while the December contract was down 18 cents to $95.98. The spread between the two benchmarks expanded to its widest in four months due to potential plans by the US to restrict diesel exports, which could create an oversupply in the US market.

Qatar hopes that shuttle diplomacy can lead to a breakthrough, but US President Donald Trump denied reports of offering sanctions relief and frozen Iranian funds in return for 'concrete' steps on its nuclear program.