Oil prices rise as Iran deal stalls, Russian supply amid conflict

Reuters

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      Efforts to revive Iran nuclear deal 'hit a wall' -U.S.
official 
    

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      Some Russians flee Ukraine draft as Moscow remains defiant
at
U.N.
    

  
    By Laila Kearney
       Sept 23 (Reuters) - Oil prices rose in early Asian trade
on Friday on the prospect that a stalled Iran nuclear agreement
and Moscow's new mobilization campaign in its invasion of
Ukraine would further restrict global supplies.  
    Brent crude futures  LCOc1  gained 16 cents, or 0.2%, to
$90.62 per barrel by 0020 GMT, while U.S. West Texas
Intermediate (WTI) crude  CLc1  futures were up 22 cents to
$83.71 per barrel.
    Oil edged up after a senior U.S. State Department official
said that efforts to revive the 2015 Iran nuclear deal have
stalled due to Tehran's insistence on the closure of the U.N.
nuclear watchdog's investigations.  urn:newsml:reuters.com:*:nNS0N2Y305
    "We've hit a wall" because of Iran's stance, the U.S.
official told reporters on the sidelines of the U.N. General
Assembly, adding that nothing had happened this week to suggest
Iran is willing to change its position. The remarks eased
expectations of a resurgence of Iranian crude oil.
    Prices were also supported by Moscow's decision to push
ahead with its biggest conscription since World War Two, raising
concerns that an escalation of the war in Ukraine would continue
to tighten oil supplies.  urn:newsml:reuters.com:*:nL1N30S305
    Rebounding crude oil demand in China, which is the world's
largest oil importer, lent support to crude prices.  urn:newsml:reuters.com:*:nL1N30S0N6
    Central bank interest rate hikes, including the U.S. Federal
Reserve's 75 basis points rise on Wednesday, along with
increases by the Swiss National Bank, Norway's central bank and
Indonesia's central bank, limited oil prices by raising the
likelihood of economic slowdowns that would erode fuel demand.
 (Reporting by Laila Kearney in New York; Editing by Leslie
Adler)
 ((Laila.kearney@thomsonreuters.com; (917) 809-0054))

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