Oil slips as Trump tweet on Iran eases supply concern

By EnergyFOXBusiness

US oil production will hit an all-time record in 2018: Lipow

Lipow Oil Associates President Andy Lipow on the outlook for the oil industry.

Crude oil prices retreated in electronic trading from their Monday settlement level after President Donald Trump said on Twitter that he will announce his decision on the Iran nuclear deal on Tuesday.

Continue Reading Below

Oil prices have risen more than 10% in the past month as Trump said it was likely that the U.S. would withdraw from a 2015 accord with Iran that eased sanctions in return for curbs to its nuclear program. His comments have heightened concern that Mideast tension will threaten crude oil supply.

Trump faces a Saturday deadline over whether to uphold the Obama administration’s nuclear deal.

West Texas Intermediate crude for June was down almost a penny from the $70.73 settlement Monday on the New York Mercantile Exchange, which was the highest since November 2014, according to MarketWatch.

What do you think?

Click the button below to comment on this article.