Commodity Tips:- Crude Oil Futures Slide Below $68

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Crude oil futures declined on Tuesday, finding little support from uncertainty surrounding Iran’s nuclear deal, as a diminished appetite for risk weighed on the U.S. stock market. Iran has reportedly nixed a formal extension of the cartel’s supply quota plan with Russia, but Saudi Arabia and others will continue to limit production beyond this year. Iran’s oil minister Bijan Zanganeh said that if oil prices continued to rise, there will be no need to extend the OPEC/non-OPEC production deal beyond the end of 2018. Last week, President Donald Trump blasted OPEC for trying to artificially boost prices.

 

Benchmark crude oil futures for June delivery lost 94 cents or 1.4 percent to settle at $67.70 a barrel on the New York Mercantile Exchange. June Brent crude declined 85 cents or 1.1 percent to settle at $73.86 a barrel on London’s Intercontinental Exchange.

 

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