Oil closed below $90 a barrel for a second day as the possibility that a nuclear deal with Iran could bring relief to a tight market overshadowed a big drop in U.S. crude stockpiles.
Futures in New York ended Wednesday’s session just 0.3% higher, paring earlier gains, as a flurry of diplomacy in Vienna has spurred renewed optimism of a breakthrough in the nuclear talks. In the morning, prices had risen as much as 1.4% after a government report showed U.S. crude inventories fell to the lowest level since 2018 amid record demand.
“Rising demand often comes hand-in-hand with upward price movements, but a long-awaited supply relief could be around the corner, helping to narrow the imbalance and cool market sentiment,” said Louise Dickson, Rystad Energy’s senior oil markets analyst.
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