Iran nuclear worries pushes crude oil to 4-year high

Oil prices are approaching the highs of January, after a wider market rout spurred the worst February decline in half a decade. The Organization of Petroleum Exporting Countries and its allies have concluded they will eradicate the oil surplus by September even as investors continue to weigh those comments against surging U.S. crude production. U.S. crude inventories fell by 2.62 million barrels last week, the Energy Information Administration said Wednesday. Analysts had forecast a gain of 3.25 million barrels, and only two of the 12 surveyed had expected a decline. America’s gasoline inventories also tumbled for a third week to the lowest level since late January, while distillate stockpiles contracted for a sixth straight week to the least since December. Click Read More below for additional information.

U.S. crude prices retreated after coming within striking distance of their 2017 high on Wednesday, raising questions about whether a rally that started in June has reached its peak. On the one hand, the trend of future oil prices suggests that a prolonged global glut of crude is coming to an end. But at these elevated levels, prices are also susceptible to disappointing data points and profit-taking as traders look to cash in on recent gains. Crude futures shed more than $1 a barrel on Wednesday after government data showed U.S. crude stockpiles declined less than earlier industry figures indicated. The Energy Department's report also showed U.S. oil exports hit an all-time high, while the nation's production crept toward record levels. Click Read More below for additional information.

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