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Brent crude futures had increased by 16 cents, or 0.2%, to $90.62 per barrel, while U.S. West Texas Intermediate (WTI) crude futures had increased by 22 cents to $83.71 per barrel.

September 23, 2022 7:38 IST | India Infoline News Service

The prospect that a stalled Iran nuclear deal and Moscow's new mobilization drive in its invasion of Ukraine would further constrain global supplies caused oil prices to increase in early Asian trade on Friday.

Brent crude futures had increased by 16 cents, or 0.2%, to $90.62 per barrel, while U.S. West Texas Intermediate (WTI) crude futures had increased by 22 cents to $83.71 per barrel.

Oil prices increased after a senior U.S. State Department official claimed that Tehran's insistence on ending the U.N. nuclear watchdog's investigations had hampered efforts to resurrect the 2015 Iran nuclear agreement.

The U.S. official told reporters on the side-lines of the U.N. General Assembly that "we've hit a wall" because of Iran's posture and said that nothing has occurred this week to indicate Iran is prepared to change its approach. The comments reduced hopes for a rise in Iranian crude oil.

Moscow's decision to proceed with its largest conscription drive since World War Two, which stoked worries that an intensification of the conflict in Ukraine would further constrain oil supply, also helped prices.

The world's top oil importer, China, has seen its demand for crude oil recover, supporting higher crude prices.

By increasing the likelihood of economic slowdowns that would reduce fuel demand, central bank interest rate hikes—including the 75-basis point increase by the U.S. Federal Reserve on Wednesday—along with increases by the Swiss National Bank, the central bank of Norway, and the central banks of Indonesia and Switzerland—have capped oil prices.

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