Benghazi – Oil prices rose slightly on Wednesday, February 18. This was supported by progress in US-Iran talks. Hopes of containing tensions between the two sides were boosted. It also reduced risks of Iranian supply disruptions.
Brent crude increased by 0.2% to $67.57 per barrel. US crude rose by the same percentage. It traded at $62.44 per barrel.
However, geopolitical assessments maintained caution in the markets. Eurasia Group noted a 65% probability in a research memo. They stated Washington might strike Iran before the end of April. This limits the pace of gains.
Investors await weekly inventory data from the American Petroleum Institute later today. Energy Information Administration data is due tomorrow. This data could potentially influence price trends.