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Oil Closes at Six-Month Low as Traders Mull Possible Iran Deal

  • US data show cooling manufacturing after weaker China figures
  • Benchmark US futures contract falls 3.5% to below $87 a barrel
Updated on

Oil settled at the lowest in more than six months as traders weighed the prospects for increasing Iranian crude exports with a worsening outlook for global economic growth.

West Texas Intermediate futures dropped 3.2% to close below $87 a barrel in another volatile, thinly traded summer session. Talks between Iran and European Union negotiators signaled progress toward a renewed nuclear deal that could open the door to crude shipments from the Islamic Republic.