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May 18, 2021, 2:39 p.m. EDT

Oil futures settle lower on potential progress in Iran nuclear talks

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By Myra P. Saefong

Oil futures settled with a loss on Tuesday after a tweet from BBC Persia implied that progress had been made in the Iran nuclear talks, and said that important news regarding the talks would be announced by Wednesday. Mikhail Ulyanov, Russia's envoy to the United Nations Security Council, tweeted that "significant progress" has been achieved, but "unresolved issues still remain." U.S. oil prices had finished Monday at their highest in over two years, but the price rise has now been slowed in part by the "Iranian talk breakthrough rumors," said Phil Flynn, senior market analyst at The Price Futures Group. June West Texas Intermediate crude fell 78 cents, or 1.2%, to settle at $65.49 a barrel on the New York Mercantile Exchange.

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