Crude oil futures settled marginally up on Thursday, recovering well after languishing in the red following an early setback.
Oil prices fell sharply early on in the session, weighed down by recent data showing an increase in U.S. crude inventories and amid prospects of Iranian crude entering the market.
Concerns about outlook for energy demand due to rising coronavirus cases in China and fears of fresh lockdown measures in Russia contributed as well to oil's decline earlier in the session.
West Texas Intermediate Crude oil futures for December ended up by $0.15 or about 0.2% at $82.81 a barrel, after plunging to around $80.60 earlier in the day.
Brent crude futures were down $0.31 or 0.37% at $83.56 a little while ago.
Meanwhile, natural gas futures tumbled nearly 7% today following reports Russian President Vladimir Putin has ordered Gazprom to send more natural gas to Europe next month.
Data released by U.S. Energy Information Administration (EIA) on Wednesday showed crude oil inventories increased by about 4.3 million barrels last week, more than twice the expected increase of 1.9 million barrels.
Gasoline stocks fell by nearly 2 million barrels last week, while distillate inventories dropped by about 432,000 barrels.
Iran's nuclear negotiator Ali Bagheri Khan said on Wednesday that talks with world powers regarding efforts to revive Iran's nuclear deal will resume by the end of next month.
A deal between Iran and world powers on the nuclear pact could result in the return of about 1.3 million b/d of Iranian oil to global exports markets.
The material has been provided by InstaForex Company - www.instaforex.com
source http://www.mt5.com/forex_news/quickview/2184775/
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