Oil Prices Inch Higher After A Two-day Slump

(RTTNews) – Oil prices traded higher on Wednesday after falling sharply in the previous session following a warning from the International Energy Agency that high oil prices could lead to a fall in global demand.

The International Monetary Fund also warned that the ongoing conflict involving Iran has decelerated global economic momentum.

Brent crude futures were up 1.5 percent at $96.18 a barrel after plunging 4.6 percent in the previous session. WTI crude futures rose by 1.2 percent to $92.40 a barrel after plummeting 7.9 percent the previous day.

Traders braced for the latest inventory data from the U.S. Energy Information Administration (EIA) after a privately-conducted survey by the American Petroleum Institute (API) revealed a significant increase in stockpiles.

Traders held onto hopes of a de-escalation in the Middle East conflict after reports emerged that a new round of in-person talks between the United States and Iran are likely to be held as early as this weekend.

According to media reports, Iran and Pakistan are exchanging diplomatic messages, but no official date has been set yet for the resumption of peace talks.

An Iranian embassy official in Islamabad reportedly said the next round of talks could be held later this week or early next week.

The United States has reportedly set out two new conditions before restarting negotiations.

Washington wants full and unrestricted reopening of the Strait of Hormuz, Israel Hayom reported, adding the Americans are sticking to a position of reciprocity.

Elsewhere, a U.S. statement said that Lebanon and Israel have agreed to hold direct negotiations after “productive discussions” in Washington on Tuesday.

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