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Amman, Oct. 21 (Petra) – Oil prices surged by more than USD2 a barrel
on Wednesday as hopes for a diplomatic breakthrough between the US
and Iran faded, alongside a draw in US crude and fuel inventories.
Brent crude futures rose USD2.06, or 1.9 percent, to USD110.85 a
barrel by 10:48 GMT, while U.S. West Texas Intermediate (WTI) gained
USD2.13, or 2.2 percent, to reach USD99.95 a barrel.
In the previous session, Brent hit a five-month high and WTI touched
a six-month peak before prices briefly pulled back following reports
of mediation discussions between Iran’s president and Pakistan’s
military chief in Tehran.
However, waning expectations for a diplomatic resolution and
tightening US supplies quickly resumed the upward trajectory.
//Petra// HA
