Oil Prices Hold Steady as Market Weighs US Inventory Draw Against US-Iran Negotiation Prospects

Deep News04:50

Oil prices remained largely stable as traders weighed signs of rapidly declining US inventories against the possibility of renewed negotiations between the US and Iran to end the conflict.

WTI crude was essentially flat, settling near $91 per barrel, returning roughly to the levels seen before weekend peace talks broke down.

According to informed sources, Washington and Tehran are considering extending a truce, set to expire next Tuesday, by two weeks to allow more time to reach an agreement.

Oil prices had risen earlier in the session after data released by the US Energy Information Administration (EIA) on Wednesday showed a decline in crude oil and key refined product inventories.

This key data broke the quiet trading pattern as investors assessed conflicting signals from the White House regarding the direction of the war.

US Treasury Secretary Bassett reiterated that the United States will not extend the general license temporarily allowing the sale of certain Russian and Iranian crude oil.

"Despite a slight rebound in the dollar and oil prices, the market still seems strongly inclined to price in a positive outcome," said Forex.com market analyst Fawad Razaqzada. "However, it still seems a bit premature to fully price in a smooth resolution of the conflict."

May WTI crude rose 1 cent, settling at $91.29 per barrel. June Brent crude rose 14 cents, settling at $94.93 per barrel.

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