Oil rises from six-month lows

Oil drilling rigs

Oil prices rose more than 1% today, Aug. 17, from their lowest levels in six months as investors assessed the possibility of an increase in Iranian supplies, along with weak expectations for global economic growth.

International benchmark Brent crude was up 1.22% to $93.47 per barrel, at 9:04 am Makkah time.

West Texas Intermediate (WTI) crude rose 1.32% to $87.67 a barrel.

Goldman Sachs, in a note dated Aug. 16, said an agreement to revive a nuclear agreement between Iran, the European Union and the United States is unlikely in the near term, Bloomberg reported. The bank added that even if approved, it will not lead to additional oil until next year.

Meanwhile, the American Petroleum Institute (API) estimated that crude stocks fell by 448,000 barrels last week.

The official data from the Energy Information Administration is scheduled to be released later today.