Oil Drops After Iranian Nuclear Negotiator Tweets Deal Is Near
- Futures fall after market close, erasing day’s earlier rally
- Nuclear deal could pave the way for U.S. to lift oil sanctions
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Oil erased its gains after the market closed following a tweet from Iran’s top nuclear negotiator that the various sides are close to an agreement that would potentially pave a path to the lifting of U.S. sanctions on Iranian crude.
West Texas Intermediate futures fell more than $3 a barrel after commodity markets closed, trading near $90 and wiping the regular session’s 1.7% gain. Iran’s top nuclear negotiator Ali Bagheri Kani tweeted that efforts to restore the country’s nuclear deal with world powers are “closer than ever” to an agreement.