West TX Crude drops below 92

U.S. crude fell further in early Tuesday trade as expectations of a return of Iranian crude supplies to the market, as well as forecasts of increased production in the United States and United Kingdom, weighed on sentiment for the contract.

U.S. crude for February delivery was down 14 cents at $91.66 a barrel by 0006 GMT, after finishing 92 cents lower on Monday amid expectations of an upcoming deal to return Iranian crude supplies kept off the market from sanctions.

Big powers and Iran are likely to start talks on a final settlement to the dispute over its nuclear ambitions in February, shortly after a six-month deal curbing its atomic activity takes effect, a diplomatic source said on Monday.

CNBC

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.