The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. Picture taken November 22, 2019. REUTERS/Angus Mordant
Oil prices climbed sharply on Wednesday after mixed reports about US-Iran talks on a new nuclear deal.
Brent crude futures rose by $1.8, or 2.6 percent, to $69.3 a barrel earlier today. US West Texas Intermediate crude increased by $1.8, or 2.48 percent, to $64.2 a barrel.
At 6:30 PM PKT, Brent was up 2.54 percent or $1.71 at $69.1 per barrel, while WTI was up 2.58 percent at $63.94/barrel.
Market sentiment has been driven by easing geopolitical tension after the US held productive discussions with Iran regarding its nuclear program.
Meanwhile, rates also spiked after zero progress between the Russia-Ukraine intermediaries who met today to discuss possible terms for de-escalation in the region.
Ukraine has accused Russia for derailing negotiations. The Kremlin has denied it and said more talks will be held soon.