Brent oil prices climbed toward $99 per barrel as stalled US-Iran talks countered reports of increased Middle Eastern supply, keeping the commodity below the key $100 psychological threshold.
Brent oil price bounced from a 3 1/2 week low on renewed worries about a stall in US-Iran talks, with the December contract peaking near $99 per barrel.
Brent crude oil prices rebounded from a three-week low on Wednesday, climbing toward the $99 per barrel mark. The gains were driven by renewed uncertainty surrounding US-Iran nuclear negotiations, which overshadowed reports of recovering supply levels from the Middle East.
The price action is primarily driven by geopolitical uncertainty regarding US-Iran nuclear talks, which offsets bearish pressure from recovering oil supply levels in the Middle East.