NEW YORK (Reuters) -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 was down $1.07, or 1.5%, at $68.39 a barrel by 1:19 p.m. EDT (1719 GMT). U.S. West Texas Intermediate (WTI) crude fell $1.12 cents, or 1.7%, to $65.43.
