MELBOURNE: Oil prices pulled back slightly on Tuesday on the latest progress in last-ditch talks to revive the 2015 Iran nuclear accord, which would clear the way to boost its crude exports in a tight market.
Brent crude futures fell 14 cents, or 0.1%, to $96.51 a barrel at 0404 GMT, paring a 1.8% gain from the previous session.
US West Texas Intermediate (WTI) crude futures declined 16 cents, or 0.2%, to $90.60 a barrel, after climbing 2% in the previous session.
“The spectre of a US-Iran nuclear deal continues to hover over the market,” ANZ Research analysts said in a note.
The European Union late on Monday put forward a “final” text to revive the 2015 Iran nuclear deal, awaiting approvals from Washington and Tehran. A senior EU official said a final decision on the proposal was expected within “very, very few weeks”.
