Oil Drops as Iran and EU Prepare to Resume Nuclear Talks
- Iran says negotiations will start before end of next month
- U.S. crude supplies rose by more than expected in weekly data
An oil pumping jack, also known as "nodding donkey", operates in an oilfield near Almetyevsk, Russia.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
Oil declined after Iran and the European Union agreed to restart negotiations on a revival of the 2015 nuclear accord before the end of next month, signaling a greater prospect of Iranian barrels coming back to the market.
Futures in New York fell 2.4% on Wednesday. A date for the big-power talks will be announced next week, Ali Bagheri Kani said in a tweet after meeting the European Union’s deputy envoy for foreign affairs in Brussels. Meanwhile, a U.S. inventory report showing a larger-than-expected crude supply gain also weighed on prices.