Brent crude up marginally ahead of Washington-Tehran talks

Oil drilling rigs

Brent crude futures rose at the close of trading today, Feb. 25, amid anticipation of a new round of nuclear talks between the United States and Iran, but WTI crude fell after official data showed a rise in US inventories of black gold.

Brent crude futures for April delivery rose 0.11%, or 8 cents, to $70.85 a barrel.

In contrast, WTI US crude futures for April delivery fell by 0.32%, or 21 cents, to $65.42 a barrel.

Data released by the US Energy Information Administration showed that commercial oil inventories in the US rose by 16 million barrels last week, compared to expectations of an increase of only 1.2 million barrels, as a result of lower refinery operating rates and increased imports.

Meanwhile, investors are awaiting a third round of nuclear negotiations between Iran and the US on Feb. 26, amid fears that the diplomatic track could collapse and a military confrontation could erupt between the two countries, disrupting oil supplies from the Middle East.

On another note, Reuters reported, citing informed sources, that the OPEC+ alliance may consider resuming increased production starting in April.