2018.09.2606:33:00UTC+00Oil Dips From Four-year High

Oil prices dipped on Wednesday after the United States assured that it would ensure a well supplied oil market before the re-imposition of sanctions on Iran.

Brent crude was down 23 cents or 0.28 percent at $81.03 a barrel after climbing almost 1 percent in the previous session.

U.S. crude futures were down 17 cents or 0.24 percent at $72.11 after rising 0.3 percent on Tuesday to close at their highest level since July 11.

"We will ensure prior to the re-imposition of our sanctions that we have a well supplied oil market," Washington's special envoy for Iran, Brian Hook, told a news conference on the sidelines of United Nations meetings on Tuesday.

In an earlier speech at the UN, U.S. President Donald Trump reiterated calls on OPEC to pump more oil and stop raising prices.

Industry data showing rising U.S. supplies also weighed on prices. Crude inventories rose by 2.9 million barrels in the week to Sept. 21, compared with analyst expectations for a decrease of 1.3 million barrels, the American Petroleum Institute said on Tuesday.

The official inventory report from the U.S. Energy Information Administration is due later in the day.