Look ahead and drop oil ahead of Trump’s speech on Iran’s sanctions

Media IN 08/05/2018

Oil prices fell from a three-and-a-half-year high on Tuesday as investors awaited US President Donald Trump’s announcement on whether the United States would again impose sanctions on Iran that it suspended under Tehran’s nuclear deal with world powers.

Oil prices rose for the fourth consecutive day on Monday, their highest level since late 2014, supported by new problems facing Venezuelan PDVSA and the possibility that the United States could impose sanctions on Iran.

US WTI fell 63 cents, or 0.9 percent, to $ 70.10 a barrel by 0024 GMT. And fell at a stage below $ 70 after exceeding the previous session that level for the first time since November 2014.

Brent crude fell 53 cents, or 0.7 percent, to $ 75.64 a barrel, after jumping 1.7 percent in the futures contract to $ 76.17 a barrel in the previous session.