Oil Rises on Falling US Stockpiles but Iran Talks Weigh

Oil Rises on Falling US Stockpiles but Iran Talks Weigh
Crude oil storage tanks are seen from above at the Cushing oil hub, appearing to run out of space to contain a historic supply glut that has hammered prices, in Cushing, Okla., on March 24, 2016. Nick Oxford/Reuters
Reuters
Updated:

LONDON—Oil prices rose on Thursday after rallying on an unexpected drop in U.S. crude inventories in the previous session, as investors awaited the outcome of U.S.–Iran nuclear talks that could add crude supplies quickly to global markets.

Brent crude futures rose 65 cents, or 0.7 percent, to $92.20 a barrel at 1140 GMT, while U.S. West Texas Intermediate crude was at $90.64 a barrel, up 98 cents, or 1.1 percent.