Oil prices were near flat on Wednesday in Asia after slumping more than 3% overnight following news that U.S. President Donald Trump and his administration are ready to start talks with Iran.

U.S. Crude Oil WTI Futures last traded at $57.64 by 12:28 AM ET (04:28 GMT), up 0.03%. International Brent Oil Futures inched up 0.3% to $64.56.

Overnight, multiple reports cited U.S. Secretary of State Mike Pompeo as saying "for the first time" Iranian officials "are ready to negotiate on their missile program." His remarks came after Trump told a cabinet meeting that his administration had made progress with Tehran and did not wish war or regime change there, although he did "want them out of Yemen."

The news sent oil prices lower by as much as 3%, before rebounding today.

In other news, the American Petroleum Institute reported that crude inventories fell by 1.4 million barrels in the week to July 12 to 460 million, compared with analysts' expectations for a decrease of 2.7 million barrels.

Source : Investing.com