Oil prices climb amid rising US stockpiles and Iran talks
Oil prices on the New York Mercantile Exchange are rising despite the rebuilding of crude stockpiles in the U.S., brokers report.
A barrel of West Texas Intermediate crude for July delivery costs $61.67 on the NYMEX in New York, an increase of 0.16 percent. Brent crude on ICE for July is priced at $64.96 per barrel, after a rise of 0.08 percent.
Crude oil inventories in the U.S. rose by 1.33 million barrels, or 0.3 percent, to 443.16 million barrels last week, according to the latest report by the U.S. Department of Energy (DOE).
This marks the second consecutive week of rising oil stockpiles across the Atlantic.
Gasoline inventories fell by 816,000 barrels, or 0.36 percent, to 225.52 million barrels during this period.
Distillate fuel reserves, including heating oil, rose by 579,000 barrels, or 0.56 percent, to 104.13 million barrels, as reported by the DOE.
Oil demand indicators are weak, while the American vacation season approaches.
Investors are closely watching the U.S.-Iran nuclear program negotiations.
U.S.-Iran talks
The Iranian Ministry of Foreign Affairs announced on Wednesday that it has agreed to a fifth round of talks with the United States on the nuclear agreement. The discussions are set to take place on Friday in Rome. These were previously announced by Badr al-Busaidi, the Foreign Minister of Oman, who is mediating the negotiations.
Three of the sessions that started in mid-April took place in the capital of Oman, Muscat, and one in Rome.
The agreement aims to limit Iran's nuclear program in exchange for lifting some sanctions. The U.S. emphasizes that the main goal of the deal is to prevent Iran from building nuclear weapons. The right of Iran to enrich uranium remains a contentious issue. Tehran insists it will not give up this right, while Washington demands it.
Both sides have publicly affirmed the positive effects of the talks. U.S. President Donald Trump announced last week that they are getting closer to reaching an agreement, and Iran has "in a way" already agreed to it.
On Tuesday, Iran's political and spiritual leader, Ayatollah Ali Khamenei, expressed doubt that negotiations would succeed. Similar signals have previously been issued by the Iranian Ministry of Foreign Affairs.
