Oil prices inch up on smaller than expected rise in US crude stockpiles, as Iran talks start

22-Nov-13

New York's main contract, West Texas Intermediate (WTI) for delivery in December, rose to US$93.7 a barrel, while Brent North Sea crude for January jumped up by almost a dollar to US$107.8 in London. The oil price hike has been in reaction to a smaller-than-expected rise in US crude stockpiles, while markets awaited the outcome of key talks over Iran's nuclear program. As per the US Department of Energy, USA’s commercial crude oil inventories had risen by 400,000 barrels last week -- lower than market expectations for a gain of 700,000. On Wednesday, Iran began talks with six world powers on seeking a breakthrough in the decade-old standoff over Tehran's nuclear program.