Oil prices rise by about USD1/bbl

Crude benchmarks gained roughly USD1 per barrel on Wednesday, according to Business Recorder, with the Brent November contract, which expired that day, closing at USD103.50 after a 0.9 percent advance. The more active December Brent contract ended 1.9 percent higher at USD98.03, while West Texas Intermediate settled at USD90.42. Brent's monthly rise of about 14 percent was its largest since July, while WTI added roughly 5 percent over the month.

Gains were attributed to stalled US-Iran peace talks and tighter US fuel markets. Qatar voiced hope that back-and-forth mediation between Tehran and Washington could yield a breakthrough, but Trump rejected media reports that he was prepared to ease Iranian sanctions and unfreeze assets in exchange for concrete nuclear steps from Tehran. Saudi Arabia resumed tanker loadings at Yanbu on the Red Sea on Tuesday, following a restart of its East-West Pipeline.

US gasoline stocks shrank by 1.7 million barrels last week, reaching 204.4 million, according to EIA figures released on Wednesday. Distillate stocks, covering diesel and heating oil, slid 2.3 million barrels to 105.2 million. US crude inventories nevertheless climbed 922,000 barrels to 427.3 million during the seven days to September 25, versus a Reuters poll that had expected a 264,000-barrel draw. Commerce Department figures showed August inflation rising by less than expected, which likely eased pressure on the Federal Reserve to lift rates again in October.