By Barani Krishnan
Investing.com – Oil prices settled down more than 1% on Tuesday on selling driven by talk that Iran was on the cusp of a nuclear deal to end U.S. sanctions on its crude, before the Russian diplomat who made the news basically said he was misquoted.
The dollar’s plunge to three-month lows also helped limit losses in oil, which initially fell more than 2% on the day.
New York-traded , the benchmark for U.S. crude, settled down 78 cents, or 1.2%, at $65.49 per barrel. It earlier to a session low of $64.17.
London-traded , the global benchmark for crude, closed down 75 cents, or 1.1%, at $68.71. Brent fell to as low as $67.30 intraday.
Oil tumbled initially on reports quoting Mikhail Ulyanov, Russia’s permanent representative to the Vienna-based international organizations, as saying that “great progress” had been achieved on negotiations between Tehran and world parties for a nuclear agreement and “important news…