West TX Oil Below $57 after Progress on Iran Nuclear Deal

Reports that foreign ministers will review draft text of an Iran nuclear deal are “very premature and not accurate,” a senior U.S. official told NBC News on Wednesday.

Earlier, U.S. crude broke below its two-month trading band earlier on reports that an Iranian diplomat said technical experts from Iran and six world powers had finished a draft agreement on the country’s nuclear program and foreign ministers would review it Thursday and Friday in Vienna.

U.S. crude futures closed down 4.2 percent, at $56.96 a barrel—the lowest since April 22. Front-month Brent crude futures were trading at $62 per barrel at, down $1.60 or 2.6 percent.