Oil Closes Lower Amid Expectations for Rising Output

Oil prices declined on Tuesday, as media reports pointed to expectations of a rise in output as talks continue regarding the Iran nuclear deal.

In addition, data by the American Petroleum Institute (API) estimated that crude oil inventories in the United States rose by 620,000 barrels last week.

Gasoline inventories were also expected to decline by 2.8 million barrels, with distillate stockpiles falling by 2.6 million barrels.

Brent crude futures for July delivery lost 75 cents, or 1.1%, to close at $68.71 per barrel.

Earlier today, the global benchmark’s most active contract traded above $70 a barrel, for the first time since March 15.

Meanwhile, the West Texas Intermediate (WTI) crude futures for June delivery declined by 78 cents, or 1.2%, to finish at $65.49 per barrel, after settling on Monday at their highest level in about two years.