Oil Prices Fall As Market Awaits Trump Decision On Iran Nuclear Deal

Oil prices retreated from 3-1/2 year highs on Tuesday as investors waited on an announcement by President Donald Trump on whether the United States will reimpose sanctions on Iran. Should Trump pull the United States out of a multi-nation agreement on Tehran’s nuclear programme, Iranian crude exports could be hit, adding to tightness in the oil market, which is coming back into balance after years of glut. U.S. West Texas Intermediate (WTI) crude futures had dropped 73 cents, or 1 percent, to $70 a barrel by 0240 GMT. At one point they fell below $70, after settling above that level for the first time since November 2014 on Monday.

Brent crude futures were down 63 cents, or 0.8 percent, at $75.54, having jumped 1.7 percent to settle at $76.17 a barrel in the previous session. Trump said on Monday that a decision on whether to remain in the Iran nuclear deal or to impose sanctions would be announced, four days earlier than expected. For More Information Please Visit : www.paceresearchindia.com and Call Now : 8817774774