Oil prices rose on Wednesday in volatile trading on concerns that the United States will not consider additional concessions to Iran in its response to a draft agreement that would restore Tehran’s nuclear deal, and potentially the Opec’s member’s crude exports.
Iran said it had received a response from the United States to the EU’s “final” text for revival of Tehran’s 2015 nuclear deal with major powers. Brent crude rose 98 cents to $101.20 a barrel by 19:00GMT. US crude rose $1.25 cents to $94.98 a barrel.
Both benchmarks fell more than $1 earlier in the session. Oil was also supported after Saudi Arabia suggested this week that the Organization of the Petroleum Exporting Countries could consider cutting output, though bearish economic signals from central bankers and falling equities weighed.
