Crude oil prices fell about 1% on Tuesday as there was headway or progress reported out of the talks between the U.S. and Iran. Plus, there were also U.S.-brokered talks between Russian and Ukrainian negotiations.
Iran’s foreign minister Seyed Abbas Araghchi stated, “We were able to reach a general agreement on a set of guiding principles, based on which we will proceed from now on and move toward drafting a potential agreement.”
It would appear that as tensions perhaps ease in the talks and possible peace is achieved, there is a decline in concern of the lack of production and transportation of Middle East oil.
Brent crude for April dropped 1.8% to $67.39 a barrel.
West Texas Intermediate crude futures fell 0.8% to settle at $62.22 a barrel on the New York Mercantile Exchange.
Natural gas prices fell again, dropping nearly 6% in Tuesday’s trading. Prices settled at $3.052 MMBtu after a drop of $0.191 or 5.89%.
After a day of nearly 100% positive trading on Monday, Oklahoma energy stocks suffered a near total reversal on Tuesday. Most of the losses were in the 1% to 2% with the exception of Gulfport Energy which lost more than 4%.