WASHINGTON (dpa-AFX) - Crude oil prices climbed higher on Wednesday as traders assessed the developments with regard to Iran nuclear agreement.
Oil prices dropped earlier in the session, but rallied subsequently after Iran International tweeted that the U.S. rejected all additional conditions requested by Iran.
Data showing a drop in U.S. crude inventories in the week ended August 19th, and Saudi Arabia's comments earlier this week that the Organization of the Petroleum Exporting Countries could consider cutting output contributed as well to the rise in oil prices.
West Texas Intermediate Crude oil futures for September ended higher by $1.15 or about 1.2% at $94.89 a barrel, the highest settlement since July 29.
Brent crude futures were up $1.08 or about 1.1% at $101.30 a barrel a little while ago.
Data released by U.S. Energy Information Administration (EIA) today showed crude oil inventories in the U.S. dropped by 3.3 million barrels in the week ended August 19th.
Data from the American Petroleum Institute on Tuesday showed that U.S. crude inventories fell by 5.632 million barrels last week, substantially larger than an expected drop of about 0.45 million barrels.
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