By Ahmad Ghaddar
LONDON, Apr 7 (Reuters) – Crude prices were boosted on Wednesday by prospects for stronger global economic growth, although gains were limited by negotiations to revive a nuclear deal with Iran, which raised the possibility of relief from sanctions on its oil exports.
* At 1117 GMT, Brent crude futures were up 66 cents, or 1.05%, at $ 63.33 a barrel, while West Texas Intermediate in the United States (WTI) was up 46 cents, or 0, 78%, at $ 59.78.
* “Optimism about the global economic outlook boosted confidence in the oil market,” analysts at ANZ bank said.
* The International Monetary Fund said Tuesday that unprecedented public spending to combat COVID-19 will drive global growth to 6% this year, a rate not seen since the 1970s.
* However, a possible jump in fuel inventories in the United States and negotiations with Iran added some pressure to the market.
* Crude inventories in the United States fell by 2.6 million barrels in the week ended April 2, while gasoline stocks increased by 2.8 million, according to three market sources citing figures from the industry group American Petroleum Institute (API). Official data will be released later on Wednesday.
* Iran and world powers on Tuesday held what they called “constructive” talks and agreed to form working groups to discuss the possibility of reviving the 2015 nuclear deal, which could lead Washington to lift sanctions on the country’s energy sector. Tehran and increase the oil supply.
(Additional reporting by Jessica Jaganathan in Singapore; edited in Spanish by Carlos Serrano)