Oil ends higher on U.S. response to Iran nuclear deal comments | Reuters

Oil ends higher on U.S. response to Iran nuclear deal comments | Reuters

Oil prices ended Wednesday higher after a volatile trading session on concerns that the United States will not consider additional concessions to Iran in its response to a draft agreement that would restore Tehran's nuclear deal - and potentially the OPEC member's crude exports.

Iran said it had received a response from the United States to the EU's "final" text for revival of Tehran's 2015 nuclear deal with major powers. read more

Brent crude settled up $1.00 to $100.22 while U.S. crude settled up $1.15 to $94.89 a barrel. Both benchmarks fell by more than $1 earlier in the session.

Oil was also supported after Saudi Arabia suggested this week that the Organization of the Petroleum Exporting Countries could consider cutting output, though bearish economic signals from central bankers and falling equities weighed.

Both crude oil benchmark contracts touched three-week highs earlier on Wednesday after the Saudi energy minister flagged the possibility of cutting production. read more