Anticipation for a deal between lawmakers in the U.S. regarding two economic and financial issues plaguing the globe's largest consumer pulled down West Texas Intermediate crude oil futures on Tuesday, according to Bloomberg.
Oil-rich Iran has been conducting discussions regarding its nuclear ambitions, which also pulls down prices of the energy commodity. A deadline is looming this Thursday night regarding an increase to the U.S. debt ceiling and the partial government shutdown is into its third week.
"There is a general pressure on prices trending down," chief executive officer Nansen Saleri with consulting firm Quantum Reservoir Impact in Houston told the news source on Tuesday. "The potential easing of sanctions on Iran could lower the price of oil."
At 9 a.m. on Tuesday, WTI crude oil futures fell 0.97 percent, a 99-cent loss to $101.42 per barrel. Brent crude oil futures dropped 1.11 percent, a $1.23 dive to $109.81 per barrel.
Reuters reports Venezuela, a top-producing member nation of the Organization of the Petroleum Exporting Countries, freed the 36 crewmembers of an oil survey ship who were detained earlier this month during a territorial dispute.
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