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May 18, 2021, 12:42 p.m. EDT

Oil futures fall sharply following a BBC Persia report that implies progress in the Iran nuclear talks

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By Myra P. Saefong

Oil futures fell sharply to fresh intraday lows on Tuesday, with traders attributing the losses to a BBC Persia report that implies progress in the Iran nuclear talks. A tweet from @bbcpersian translated to English using Google said that Mikhail Ulyanov, Russia's envoy to the United Nations Security Council in Vienna told BBC Persia that important news will probably be published by tomorrow. Kasra Naji, a special correspondent for BBC Persian TV, tweeted that Ulyanov told him there's "been a significant development in the talks & there may be an important announcement tomorrow." Talks between Iran and world powers have been ongoing, aimed at a return to the 2015 Iran nuclear deal to limit Tehran's nuclear activities. A deal would likely lead the U.S. to lift sanctions on Iran, allowing the country to boost oil exports. West Texas Intermediate oil for June delivery fell $1, or 1.5%, to $65.27 a barrel on the New York Mercantile Exchange, after trading as low as 64.11. July Brent crude lost 99 cents, or 1.4%, to $68.47 a barrel on ICE Futures Europe.

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