Oil Down 2% on Talk of Imminent Deal for Iran to Export Crude Again

• Oil prices fell as much as 2% on Wednesday on talk of a nuclear deal by May for Iran that would take U.S. sanctions off the Islamic Republic’s crude exports, potentially adding another two million barrels per day or more to the market.
• Crude futures were already down earlier in the day after a somewhat bearish weekly dataset on petroleum supply-demand released by the U.S. Energy Information Administration. Further depressing the market was news from wire agencies that indirect talks between Iranian and U.S. negotiators, held in Vienna through European intermediaries, were bearing fruit.
• The report added that the United States was open to lifting terror sanctions against Iran’s central bank, its national oil and tanker companies and several key economic sectors including steel, aluminum, and others.

(Source: Investing.com)