Crude oil prices were steady Wednesday morning, having shown little direction over the course of the week so far.

Talks on Iran’s nuclear program have been extended after the sides failed to reach an agreement by Tuesday’s deadline. Traders are waiting to see whether a deal means an influx of Iran’s oil will flood the oil markets.

Inventories are already swollen to record levels in the U.S.

U.S. crude oil stocks rose by 5.2 million barrels last week, according to data from the American Petroleum Institute.

However, gasoline inventories dipped 4.1 million barrels.

The Energy Information Administration is out with its official data on inventories later today.

On the New York Mercantile Exchange, WTI Crude for May delivery dipped 11 cents to 47.49 a barrel. Prices have been stable since crude slipped to a 6-year low of $44.20 a few weeks ago.

The material has been provided by InstaForex Company –