Oil prices fell $3 a barrel on Thursday as demand weakness and a report the U.S. and Iran may be approaching a deal on oil exports outweighed expectations of tighter Saudi supply and a potential pause to U.S. interest rate hikes.
Oil fell on a news report, citing sources, that Iran and the U.S. are nearing a temporary deal that would trade some sanctions relief in exchange for reducing Iran’s uranium enrichment.
Brent crude was down $2.20, or 2.86%, at $74.64 a barrel by 11:44 a.m. EDT (1544 GMT), having earlier dropped as much as $3. U.S. West Texas Intermediate crude fell by $2.40, or 3.3%, to $70.12.
