Crude oil futures settled marginally higher on Wednesday ahead of the start of US-Iran peace talks and the planned reopening of the crucial Strait of Hormuz. Traders remained cautious as data from the U.S. Energy Information Administration revealed that for the week ending June 12, crude oil inventories in the U.S. fell by 82,62,000 barrels, the most since February, to 41,82,00,000 barrels.
Benchmark crude oil futures for July delivery increased by $0.74 or 0.97% to settle at $76.79 a barrel on the New York Mercantile Exchange. Brent crude for August delivery rose by $0.59 or 0.75% to settle at $79.55 a barrel on the New York Mercantile Exchange.
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