Oil slips from 7-year high ahead of more U.S.-Iran talks | Reuters
Oil slipped to around $92 a barrel on Tuesday ahead of the resumption of indirect talks between the United States and Iran, which may revive a nuclear agreement that could eventually allow more oil exports from the OPEC producer.
A deal could allow over 1 million barrels per day of Iranian oil, equal to over 1% of global supply, back onto the market. The talks over the nuclear deal will resume on Tuesday in Vienna. read more
"If sanctions against Iran are lifted, global crude oil supply may receive much-needed support," said Naeem Aslam, chief market analyst at Avatrade.
Brent crude was down 73 cents, or 0.8%, at $91.96 a barrel by 0916 GMT, after hitting a seven-year high of $94 on Monday. U.S. West Texas Intermediate crude fell 52 cents, or 0.6%, at $90.80.
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