Oil prices fall as tensions ease
Oil prices fell Tuesday on easing geopolitical concerns surrounding major crude producers Iran and Russia while stock markets traded mixed.
French President Emmanuel Macron said he had convinced Russia’s Vladimir Putin not to escalate the crisis around Ukraine, ahead of talks in Kyiv aimed at defusing fears Moscow could invade. At the same time, talks to revive a deal with Iran on its contested nuclear programme were set to resume Tuesday after Washington and Tehran signalled their willingness to clinch an agreement as soon as possible.
Edward Moya, an analyst at trading group OANDA, said signs of progress in US-Iran nuclear talks — which could see Tehran sell oil internationally again — would likely not have much long-term impact on the oil price rally towards $100 per barrel.
