WTI Declines Amid Debt Talks, Iran Nuclear Negotiations

West Texas Intermediate crude declined as traders waited for U.S. lawmakers to reach a deal on the nation’s debt ceiling, while Western governments hold talks with Iran on its nuclear program.

Futures slipped as much as 0.8 percent. World powers reacted with optimism to Iranian proposals on ways to end a decade-long nuclear standoff as the first international talks since Hassan Rouhani was elected president started in Geneva. Ineos Group Holdings SA said it is shutting down the 210,000 barrel-a-day Grangemouth refinery in Scotland before a labor strike that could halt flows from the Forties Pipeline System, used to ship 45 percent of the U.K.’s North Sea oil output.