WTI Crude trades at $90 per barrel

The West Texas Intermediate (WTI) crude futures steadied near $90 per barrel on Thursday as investors weighed a surprise decline in US crude inventories against signs of progress in reviving the Iran nuclear deal.

The EIA data showed US crude stockpiles fell by about 4.8 million barrels last week, compared with market expectations for a 369K barrel increase.

Oil has scaled 2014 highs recently as demand recovery combined with falling stockpiles and supply disruptions to push prices higher.

Capacity constraints among OPEC members and geopolitical tensions in Eastern Europe also contributed to elevated energy prices.

However, the rally has stalled this week as the prospects of a nuclear agreement with Iran has become more likely after talks resumed in Vienna. Analysts suggested that Iran could add as much as 1.5 million barrels a day if an agreement is reached that allows sanctions to be lifted.

The WTI benchmark for US crude is the world’s most actively traded commodity.