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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