Oil futures settled with a loss of more than 2% on Wednesday after the Energy Information Administration reported a 4.3 million-barrel weekly climb in U.S. crude inventories and amid news that Iran may soon renew talks with world powers on a nuclear deal. Iran's chief negotiator, Ali Bagheri, said Wednesday that Iran will return to nuclear discussions before the end of November, according to The Wall Street Journal . "If this leads to the eventual withdrawal of U.S. sanctions, Iranian oil exports will rise, ending the threat of a supply shortage that has been partly the reason behind the big oil rally," said Fawad Razaqzada, market analyst at ThinkMarkets, in a market update. West Texas Intermediate crude for December delivery fell $1.99, or nearly 2.4%, to settle at $82.66 a barrel on the New York Mercantile Exchange. Natural-gas prices, meanwhile, rallied, getting a boost from some forecasts for colder weather as the November contracts expired. November natural gas rose 32 cents, or 5.4%, to settle at $6.202 per million British thermal units, the highest in just over three weeks. The new front month December contract added 20 cents, or almost 3.3%, to $6.198 per million Btus.
Oct. 27, 2021, 2:44 p.m. EDT