Crude Oil Rebounds Above $90 as U.S.-Iran Talks Stall, Inventory Data Caps Gains

Crude oil prices rebounded Wednesday, with November delivery up $1.02, or 1.1%, to $90.40 a barrel, after falling $3.22, or 3.5%, to $89.38 on Tuesday on signs Saudi Arabia's Red Sea port exports were recovering from a pipeline attack. Prices earlier surged as much as 2.9% to $91.96 on lingering uncertainty over U.S.-Iran talks. Axios, citing three sources, reported Qatari mediation has made little progress, with one source saying the talks are "stuck." President Donald Trump also denied an Axios report that he would offer sanctions relief and frozen funds for steps to curb Iran's nuclear program. Gains faded after the Energy Information Administration reported U.S. crude inventories rose 0.9 million barrels in the week ended September 25, against expectations for a 0.3 million-barrel decline. Inventories stand at 427.3 million barrels, 2% above the five-year average.