WASHINGTON (dpa-AFX) - Despite data showing an unexpected sharp increase in crude inventories last week, Oil prices rebounded on Wednesday, snapping a five-day losing streak, due to uncertainty about the U.S.-Iran conflict resolving anytime soon.
Oil prices fell earlier in the day, extending recent losses, amid hopes diplomatic efforts will help solve Middle East conflict and pave the way for the reopening of the Strait of Hormuz.
Speaking before the United Nations General Assembly in New York on Tuesday, Trump said that a deal with Iran may be possible after the midterm elections but said that he may instead just decide to 'annihilate the Islamic Republic.'
Iran's President Masoud Pezeshkian said today that Tehran would never 'bend at the knee' in response to external pressure and blamed the US and Israel for global instability.
West Texas Intermediate Crude oil futures climbed to around $92.40 a barrel, recovering from a low of $88.71, gaining nearly 2% over previous close.
Data from the Energy Information Administration (EIA) showed crude inventories in the U.S. rose by 2.969 million barrels to 426.4 million barrels in the week ended September 18, as against expectations for a drop of 0.6 million barrels.
Crude stocks at the Cushing, Oklahoma, delivery hub rose by 2.266 million barrels to 23.7 million barrels.
Gasoline stocks fell by 1.686 million barrels to 206 million barrels, compared with forecasts for a 0.1-million-barrel build, while distillate stockpile dropped by 0.4 million barrels to 107.4 million barrels, less than expectations for a 0.6 million-barrel drop.
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