U.S. oil futures declined on Tuesday to settle at their lowest price since January. “Mostly soft global economic data so far week has weighed on demand expectations for refined products amid elevated recession fears,” Tyler Richey, co-editor at Sevens Report Research, told MarketWatch. That sent oil prices down through the psychological $90-a-barrel level on Monday.
Details about a potential deal to revive the Iran nuclear deal, meanwhile, “triggered a drop to new multi-month lows” in both West Texas Intermediate and Brent crude. September WTI crude CLU22, 1.07% fell $2.88, or 3.2%, to settle at $86/53 a barrel on the New York Mercantile Exchange. Prices based on the front-month contract ended the session at their lowest since late January, according to FactSet data.