Crude oil storage tanks are seen from above at the Cushing Petroleum Center, appearing to run out of space to hold a historic supply glut that has driven prices up, in Cushing, Oklahoma March 24, 2016. REUTERS /Nick Oxford

LONDON, Feb 10 (Reuters) – Oil prices rose on Thursday after rebounding from an unexpected drop in U.S. crude inventories in the previous session as investors awaited the outcome of the U.S.-Iranian nuclear talks that could quickly add crude supplies to world markets.

Brent crude futures rose 34 cents, or 0.4%, to $91.89 a barrel at 0920 GMT, while US West Texas Intermediate crude was up $90.17 a barrel. of 51 cents, or 0.6%.

The robust recovery in demand from the coronavirus pandemic has kept global oil supplies steady, with inventories at major fuel hubs around the world hovering at multi-year lows. Read more

US crude inventories (USOILC=ECI) fell 4.8 million barrels in the week to February 4, falling to 410.4 million barrels – their lowest level for commercial inventories since October 2018, said the Energy Information Administration. Analysts in a Reuters poll had forecast a rise of 369,000 barrels. Read more

U.S. product supplied – the best indicator of demand – peaked at 21.9 million barrels per day (bpd) in the past four weeks due to strong economic activity nationwide, data from the ‘EIA.

“We are seeing some consolidation after a fairly constructive EIA report,” said Warren Patterson, head of commodities research at ING.

However, investors are closely watching the outcome of the US-Iranian nuclear talks which resumed this week. A deal could lift U.S. sanctions on Iranian oil and ease the global supply squeeze.

The White House on Wednesday publicly pressured Iran to quickly revive the 2015 Iran nuclear deal, saying it will be impossible to revert to the deal unless a deal is reached within weeks. future. Read more

“The main uncertainty remains whether Iran is ready to sign on the dotted line,” said Eurasia analyst Henry Rome, adding that the consultancy stood by a 40% call on a return to the deal.

“Any quick deal would likely put additional downward pressure on prices, as it would help alleviate some concerns about OPEC’s lack of spare capacity,” he added.

Additional reporting by Florence Tan; Editing by Raju Gopalakrishnan and Emelia Sithole-Matarise

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