Crude Caps Longest Run of Quarterly Losses Since 2003 on Glut
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Oil fell, capping its longest series of quarterly losses in New York since 2003, as Iran and world powers worked toward a nuclear deal that may lead to the OPEC member increasing crude exports.
West Texas Intermediate dropped 2.2 percent Tuesday, while Brent slipped 2.1 percent. Iran and the other six countries are closing in on an agreement detailing the main steps needed to resolve a 12-year standoff over the nation’s nuclear program, allowing three months to overcome remaining differences. The talks may last into Wednesday, U.S. and Russian officials said.