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Oil rallies ahead of Trump's decision on Iran

Oil prices edged up on Wednesday, buoyed by worries that the U.S. may break 2015 agreement with major crude exporter Iran, although rising U.S. supplies limited gains.

Photo: Reuters

Brent crude oil futures were 0.4 percent higher at $73.42 a barrel.

WTI crude futures in New York surged 0.7 percent, to $67.70 per barrel.

Iran’s oil exports reached 2.6 million barrels per day (bpd) in April, a highest level since the lifting of international sanctions against one of major member of the Organization of the Petroleum Exporting Countries (OPEC). A restore of U.S. sanctions on Tehran would likely lead to a reduction in its crude exports.

U.S. crude inventory report capped gains as supplies increased by 3.4 million barrels to 432.575 million in the week to March 27, according to a American Petroleum Institute's report.

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