Oil Slips With Potential Sanctions Relief on Iran Looming
- Rouhani says deal is near, though still discussing some issues
- Crude closes below key 50-day moving average, a bearish signal
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Oil slumped to the lowest in nearly a month as traders focused on the likelihood of a renewed nuclear deal with Iran and the potential removal of sanctions on the country’s crude exports.
Futures fell 2.1% in New York on Thursday, posting a third straight decline in the longest losing streak since March. Iran’s President Hassan Rouhani said world powers have accepted that major sanctions on his country will be lifted. But he said diplomats are still discussing “details and finer points” before there’s “a final agreement.”