Ammon News - Oil prices gained on Wednesday, buoyed by escalating risk as U.S.–Iran talks remained tenuous, while signs of an easing surplus spurred by better demand support from India also added strength.

Brent crude oil futures were up 55 cents, or 0.80%, at $69.35 a barrel by 0356 GMT. U.S. West Texas Intermediate crude rose 57 cents, or 0.89%, to $64.53.

Analysts polled by Reuters estimated on average that crude inventories rose by about 800,000 barrels in the week to February 6, while distillate and gasoline inventories likely fell by about 1.3 million barrels and 400,000 barrels respectively.

U.S. crude inventories rose by 13.4 million barrels in the week ended February 6, market sources said, citing American Petroleum Institute figures on Tuesday.

Reuters