Oil hits $70, two-month high, as Europe, U.S. reopen economies
Oil slid nearly 2% on Tuesday, tumbling from a two-month high, after media reports said the United States and Iran have made progress on reviving a deal restricting Iran’s nuclear weapons development, that could release more barrels into the market.
Prices plunged on the reports citing Russian ambassador to the UN Mikhail Ulyanov as saying significant progress had been made, but the losses were capped after he said on Twitter that negotiators need more time to finalize an agreement.
After falling more than $2, Brent crude settled 1.08% lower at $68.71 per barrel. U.S. West Texas Intermediate (WTI) crude fell 75 cents to settle at $68.71 per barrel.
If the United States lifts sanctions on Iran, the country could boost oil shipments, adding to global supply.
Britain further eased coronavirus restrictions on Monday and Europe is starting to reopen cities and beaches. New cases in the United States continued to fall and New York lifted the mask requirement for vaccinated people.
Reference: CNBC
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