Oil down 2% after notable progress in JCPOA talks
Prices of crude oil futures dropped over 2% on Tuesday after talks on the Joint Comprehensive Plan of Action (JCPOA), or the Iran nuclear deal, reached enough progress for the draft of the final agreement to approach the finish line, according to a Russian official. The final deal could mean that the sanctions against Iran’s oil exports will be lifted, which could potentially lead to more oil on the global market and, in turn, cause more oversupply concerns.
Traders will also monitor weekly reports on United States oil inventories, due Tuesday and Wednesday, respectively.
West Texas Intermediate (WTI) for settlements in March was 1.86% lower to sell for $89.66 per barrel at 8:03 am ET, while Brent for deliveries in April lost 2.14%, going for $90.71 per barrel at the same time.
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