NEW YORK: Oil settled lower 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 the OPEC country’s nuclear weapons development, which would boost crude supply.
Prices plunged on the reports that Russian ambassador to the United Nations Mikhail Ulyanov said significant progress had been made, but losses stopped after he said on Twitter that negotiators need more time to finalize an agreement.
