Oil prices show limited gains on Wednesday

Oil prices show limited gains on Wednesday



Brent oil prices recovered slightly on Wednesday after falling by more than 4% on Tuesday.

International benchmark Brent crude was trading at $64.73 per barrel at 0621 GMT on Wednesday with a 0.32% gain after it ended Tuesday at $64.52 a barrel.

American benchmark West Texas Intermediate was at $57.72 a barrel on Wednesday at the same time for a 0.60% drop after closing the previous session at $58.07 per barrel.

On Tuesday, Brent fell more than 4% from the day’s highest level of $67.30.

The drop in oil prices was helped by news that U.S. President Donald Trump and his administration are ready to start talks with Iran.

Meanwhile, U.S. crude inventories fell by 1.4 million barrels in the week to July 12 to 460 million barrels, against expectations of a 2.7 million barrel decrease, according to American Petroleum Institute data.

Official figures from the Energy Information Administration are due later on Wednesday.

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