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Crude Bulls Cautious as US Works on Vital Issues with Iran
U.S. West Texas Intermediate and international-benchmark Brent crude oil futures are inching higher on relatively low volume early Wednesday after industry data showed an unexpected drawdown in crude and fuel stocks, offsetting concerns of a possible rise in supplies from Iran. On Tuesday, prices fell as worries over more oil exports from Iran outweighed tensions over Ukraine and strong demand expectations. At 04:41 GMT, March WTI crude oil is trading $89.72, up $0.36 or +0.40% and April Brent crude oil is at $91.14, up $0.36 or +0.40%. On Tuesday, the United States Oil Fund ETF (USO) settled at $63.60, down $1.08 or ... (full story)