CRUDE WRAP: WTI (N6) SETTLES USD 0.74 HIGHER AT USD 76.79/BBL; BRENT (Q6) SETTLES USD 0.59 HIGHER AT 79.55/BBL

The crude complex was choppy on Wednesday, but ultimately settled with higher prices amid plentiful Middle East reporting, although participants await the formal signing on Friday. On that, there were conflicting reports regarding the US/Iran in Switzerland on Friday, as Iran Nuances, citing sources, said that Iran and US may sign the MoU at a high political level remotely and is now under active consideration. However, many outlets following this said that the news about the cancellation of the Iranian delegation's trip to Switzerland is false, and no change has been made in the Geneva talks schedule as of the time of writing. Axios reported that the US and Iran, and the mediators, are discussing holding the signing of the MoU, currently scheduled for Friday, as early as Wednesday. The Axios piece weighed on prices, gradually eroding earlier upside.  Nonetheless, Middle East rhetoric dominated the tape ahead of the FOMC. In response to the latest central bank confab, benchmarks were little changed. WTI and Brent traded between USD 74.09-79.18/bbl and USD 77.75-82.97bbl, respectively.