Crude oil stabilizes as traders weigh Iran talks and inventory draw

WTI crude futures climbed above $99 per barrel on Thursday, rising more than 1% in electronic trading after suffering a steep 6% decline in the previous session. Oil prices found support from a sharp drawdown in U.S. crude inventories, even as optimism over potential US-Iran negotiations continued to ease supply concerns. President Donald Trump said Washington was in the final stages of talks with Iran, fueling expectations that disruptions in the Strait of Hormuz could ease if naval blockades are lifted. Meanwhile, EIA data showed U.S. crude stockpiles fell by 7.9 million barrels last week to 445 million barrels, while API figures had earlier reported an even larger 9.1 million-barrel draw. In India, MCX June crude oil futures advanced 1.4% to Rs 9,593 per barrel.

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