Oil Action: WTI crude
Oil Action: WTI crude recovered some of Tuesday's sharp losses, trading to $58.21 highs in early N.Y., after bottoming at $57.08 late in the session on Tuesday. Yesterday's sharp sell-off came on news that Iran may negotiate with the U.S. over its missile program. That has since been walked back by Iranian officials, now saying negotiations are possible if sanctions are lifted. Meanwhile, the U.S. suspects a coastal tanker has been seized by Iran, providing support to oil prices. The API reported at 1.4 M bbl weekly inventory draw after the close on Tuesday, versus expectations for a 2.5 M bbl draw. The EIA stock report, due at 10:30 EDT, will be watched for corroboration.