“West Texas Intermediate rose from its lowest level this year. World powers and Iran ended two days of talks without agreement on the country’s nuclear program.
Futures gained as much as 0.5 percent. Iranian nuclear negotiator Saeed Jalili said negotiations with the U.S. and its partners will resume next month in Istanbul after discussions in Almaty, Kazakhstan, concluded. Americans and others made no offer to ease oil or financial sanctions on Iran, said a U.S. official, asking not to be identified. Crude inventories climbed by 904,000 barrels last week to 373.4 million, the highest level since December, the American Petroleum Institute said yesterday.
“Although there are promises for another round of talks and statements on both sides seem to be putting a positive spin to the talks, there was no deal done,” said Amrita Sen, chief oil market strategist at consultant Energy Aspects Ltd. in London.
WTI for April delivery was at $92.84, up 21 cents, as of 12:05 p.m. London time in electronic trading on the New York Mercantile Exchange. The volume of all futures traded was 23 percent below the 100-day average. The contract slid 48 cents, or 0.5 percent, to $92.63 yesterday, the lowest close since Dec. 31. Prices have gained 1.1 percent this year and declined 4.7 percent this month.
Brent for April settlement on the London-based ICE Futures Europe exchange was up 36 cents at $113.07 a barrel. The volume of all futures traded was in line with the 100-day average for this time. The European benchmark crude was at a premium of $20.23 to WTI futures, compared with $20.08 yesterday….”
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