Oil futures continued to fall on Wednesday as pressures let up on all sides, between the struggling European economy and easing concerns in Iran.
Bloomberg reports that the director general of the International Atomic Energy Agency, Yukiya Amano, announced on Tuesday that he expects to reach an agreement with Iran that will allow United Nations inspectors access to the country's nuclear facilities.
Meanwhile, the plummeting euro indicated clear doubts about Europe's economy in coming months, and the U.S. Department of Energy is expected to report crude oil inventories rose 1.65 million barrels to reach a 22-year high, removing some of oil's economic drivers.
However, not everyone is as positive about these developments as others.
"There is perception that Iranians are more agreeable at this point to slowing down its nuclear efforts, but they still have to show some concrete action regarding their nuclear program to justify such hopes," Gene McGillian, analyst at Tradition Energy, told Reuters.
At 10:47 a.m., Brent crude oil was down $2.32 per barrel, a 2.14 percent fall to $106.09 per barrel.