Oil Slips Amid Prospects of Progress on Iran Nuclear Deal Talks - Bloomberg

Oil Slips Amid Prospects of Progress on Iran Nuclear Deal Talks - Bloomberg

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Brent for July settlement lost 75 cents to end the session at $68.71 a barrel West Texas Intermediate for June delivery fell 78 cents to settle at $65.49 a barrel Oil sunk as investors weighed developments in ongoing talks between world powers on a revival of the Iran nuclear deal, which would bring more supply to the market. Futures in London fell 1.1% on Tuesday after a Russian envoy in Vienna said significant progress has been made in efforts to broker an agreement between Iran and the U.S, the BBC Persian news channel reported. However, the same diplomat, Mikhail Ulyanov, subsequently took to Twitter to play down reports that a major announcement on the matter was likely on Wednesday. “I said that significant progress have been achieved, in my view,” Ulyanov said in the tweet. “That is true. But unresolved issues still remain and the negotiators need more time and efforts to finalise an agreement on restoration of JCPOA.” A return to the 2015 nuclear deal could allow for the removal of U.S. sanctions on the Persian Gulf country’s crude exports, raising the prospects of more crude coming back to the market. Iran has already been preparing to ramp up global oil sales, though the flow of additional crude may be gradual even if a deal is struck.