Oil prices turned lower on Tuesday, falling by about $1 a barrel as U.S. President Donald Trump said progress has been made with Iran, signaling tensions could ease in the Mideast.
Brent crude futures were down $1.85 or 2.5% at $64.75 a barrel, after hitting a session high of $67.09.
West Texas Intermediate crude futures fell by $1.81 or 3% to $57.77 a barrel. The U.S. benchmark hit a session high of $60.06 earlier in the day.
“What were tailwinds have become headwinds,” said Bob Yawger, director of energy futures at Mizuho in New York. He said the same tensions between the United States and Iran that had driven prices higher earlier in the session were putting a damper on the market after Trump’s comments.
Trump said on Tuesday a lot of progress had been made with Iran and that he was not looking for regime change in the country.
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