Oil dipped below $66 a barrel in New York as investors assessed prospects for more crude supply flowing from Iran.
West Texas Intermediate futures dropped 0.7%, reversing an earlier gain. Crude has fluctuated as traders weigh the likelihood of an Iranian deal against signs of buoyant demand. Meanwhile, an industry report showed a decline in US crude and fuel inventories ahead of the summer driving season.
World powers are conducting their fifth round of talks to revive a nuclear agreement with Iran that could pave the way for a lifting of sanctions. That may unleash a flood of Iranian barrels stashed on tankers at sea.
