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the market seems to have largely ignored the failure of negotiations between Iran and world powers over Tehran's nuclear program, which paves the way for implementations of Europe's oil embargo and U.S. central bank sanctions as planned, JPMorgan analysts said in a note. "Iranian imports could arguably bring actual OPEC production substantially below the call on its crude, resulting in larger inventory draws than markets currently expect."

Nymex reformulated gasoline blendstock for July--the benchmark gasoline contract--rose 81 points to $2.6496 a gallon, while July heating oil traded at $2.6458, 107 points higher.

ICE gasoil for July changed hands at $847.50 a metric ton, up $2.50 from Tuesday's settlement.

Write to Gurdeep Singh at gurdeep.singh@dowjones.com

Copyright © 2012 Dow Jones Newswires

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DOW  8.60 | NAS  0.28 | S&P  0.91
(Data as of 2013-05-24 4:17 EDT)

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