Oil Rises as Iran Nuclear Talks Overshadow U.S. Inventory Data
- French President Macron pushing for a new nuclear agreement
- U.S. crude stocks, Cushing supplies and output rose last week
Macron Fails to Win Major Concessions From Trump
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Crude closed higher as investors remained laser-focused for any signals from French President Emmanuel Macron on an Iran nuclear deal, overshadowing a bearish U.S. inventory report.
Futures in New York settled 0.5 percent higher on Wednesday after fluctuating during the session. Early on, data from the Energy Information Administration initially took traders by surprise, showing a larger-than-expected build in U.S. crude stockpiles. By the end of the session, investors refocused on Macron’s speech and the lingering issues around an Iran nuclear deal.