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Oil Sinks With U.S. Supplies Rising and Iran Talks Set to Resume

  • WTI crude futures drop by the most since August on Wednesday
  • Oil extended losses after close following Iran announcement
An oil pumping jack, also known as a "nodding donkey", in an oilfield near Neftekamsk, in the Republic of Bashkortostan, Russia.
Photographer: Andrey Rudakov/Bloomberg
Updated on

Oil fell by the most since in nearly two months after a report showed American crude inventories rising and Iran said nuclear talks are set to resume this month. 

Futures in New York fell 3.6% on Wednesday and extended losses after the market’s close following Iran’s announcement that talks would resume on Nov. 29. A nuclear deal is seen as the first step toward potentially lifting U.S. sanctions on Iranian oil. Meanwhile, U.S. oil supplies rose to the highest since August, according to a government report.