U.S. crude closed down slightly on Tuesday as investors fled to safe havens on worries about a near-bankrupt Greece and China’s stock market losses and as technical selling threatened to push oil into a bear market.
Iran’s determination to seal a nuclear deal with global powers to bring more of its crude to an oversupplied market and the restart of a key oil terminal in Libya also weighed on oil prices.
U.S. crude closed down 20 cents, at $52.33 a barrel, after falling almost $2 at the session low. Brent crude, on the other hand, rose 43 cents to $57 a barrel.
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