WASHINGTON (dpa-AFX) - Oil prices reversed course to edge higher on Wednesday, as industry data showed a major inventory draw and talks to revive the Iran nuclear deal faced hurdles.
Brent crude futures for October delivery climbed 1.1 percent to $101.32 a barrel, while WTI crude futures for October settlement were up around 1 percent at $94.63.
Tuesday's data from the American Petroleum Institute, an industry body, showed that U.S. crude inventories fell by 5.632 million barrels for the week ending Aug. 19, far more than a drop of about 0.45 million barrels expected by analysts.
Official inventory data from the U.S Energy Information Administration will be out later in the session.
Meanwhile, Iran said it would not allow inspections beyond what is in a 2015 nuclear deal, potentially scuppering a deal to revive Tehran's nuclear deal with world powers.
Additionally, the Biden administration is reportedly facing considerable political opposition to returning to the 2015 deal from both Democrats and Republicans in Congress who remain unconvinced that it is in U.S. national security interests.
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