WTI Oil Futures End Session Higher Amid Mixed US-Iran Sanctions News
The crude oil market experienced mixed trading on Wednesday, ultimately settling slightly higher despite choppy price action.
The West Texas Intermediate (WTI) futures contract settled at $92.60 per barrel, up $0.19 from the previous close.
Ahead of the settlement, the market was influenced by conflicting reports surrounding a potential agreement between the US and Iran regarding oil sanctions.
In one report, it was suggested that Iran had agreed to halt enrichment in exchange for easing US sanctions.
However, this news was quickly contradicted by another report stating that the chances of an agreement were 'extremely slim', with significant obstacles still in place.
The mixed reporting led to a volatile trading session, with prices dipping from session highs after reports emerged that mediators would hold separate talks with the US and Iran on Monday or Tuesday.