Oil wavers ahead of Iran nuclear deal deadline

An easing of sanctions is likely to add to global oversupply

LONDON—Oil prices wavered on Thursday as investors digested U.S. supply data and were bracing for next week’s deadline for a nuclear deal with Iran.

Brent crude for August delivery rose 0.2% to $63.65 a barrel on London’s ICE Futures exchange. On the New York Mercantile Exchange, West Texas Intermediate futures for July were trading down 0.1% at $60.20 a barrel.

The U.S. Energy Information Administration reported on Wednesday that domestic oil inventories fell by a larger-than-expected 4.9 million barrels last week. While this is usually a bullish signal for investors as it signals healthy demand for crude, stockpiles of gasoline and distillates increased over the week.

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