Oil Prices Edge Higher
(MENAFN) Crude oil values kept ascending on Thursday as traders responded to escalating geopolitical unease in the Middle East and freshly published US oil stockpile figures.
The international yardstick, Brent crude futures, increased by 0.2 percent, reaching USD67 for each barrel. At the same time, US West Texas Intermediate crude ticked up by 0.3 percent, trading at USD65.
Both oil standards had jumped nearly 1 percent on Wednesday, rebounding from previous losses earlier in the week following reports of persistent energy demand in the United States.
Brent crude finalized near USD68 per barrel, while West Texas Intermediate stayed above USD65. Prices had advanced earlier due to fears of potential interruptions to oil output in the Middle East but retreated significantly after Iran and Israel reached a temporary truce.
US leader Donald Trump stated on Wednesday that Washington would initiate atomic negotiations with Tehran in the upcoming week, following a 12-day truce between Israel and Iran.
“We will go talk to them next week. Maybe we will make a deal,” he mentioned to journalists after the NATO summit, without specifying a particular time.
He further suggested the possibility of loosening restrictions on Iranian oil shipments, implying that permitting Tehran to trade petroleum could contribute to the country's economic recovery.
“They will need money to put their country in order. We want that to happen. Will they do that? If they want to sell oil, they will sell it,” he remarked in response to whether Iran might export oil to countries like China.
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