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U.S. crude oil stockpiles rose more than expected last week as refiners cut back on output amid seasonal maintenance, the U.S. EIA said on Wednesday. In the week to September 27, commercial inventories of crude oil increased by 3.1 mil bbls, compared expectations for an increase of 1.6 mil-bbls. Crude stocks at the Cushing, Oklahoma, delivery hub fell by 201,000 bbls, EIA added, 
Iran’s President Hassan Rouhani said on Wednesday that a plan for talks presented to the United States and Iran by French President Emmanuel Macron is broadly acceptable to the Islamic Republic. He said some wording needed to be changed in the plan, which would require Iran not to pursue nuclear weapons and to help the security of the region and its waterways, while Washington would have to remove all sanctions. It would also allow Iran to immediately resume oil sales. Rouhani said it was unacceptable for U.S. President Donald Trump to say publicly that he would intensify sanctions while European powers told Iran in private that he was willing to negotiate.

Kuwait’s oil minister Khaled al-Fadhel was reported to have said on Wednesday that Kuwait had signed a deal with Iran and had chosen a consultant to study the possibility of cross-border oilfields production. The minister also said that he is optimistic that  production will resume in the Saudi–Kuwaiti neutral zone and added that discussions with Saudi Arabia continue.