U.S. West Texas Intermediate (WTI) crude futures fell $2.23 to settle at $66.94 a barrel, a 3.22 percent loss.
OIL: Prices of oil stabilized after a sharp fall in the previous session. The Turkish lira fell to a new record low against the dollar amid a dispute with the US government, while the Russian ruble also dropped after USA sanctions on the country over its alleged involvement in poisonings in Britain.
Markets remained supported by the introduction on Tuesday of new US sanctions against Iran, which initially target Iran's purchases of USA dollars - in which oil is traded - as well as metals trading, coal, industrial software and its auto sector. The sanctions did not include Iran's oil exports.
The re-imposed sanctions target Iran's USA dollar purchases, metals trading, coal, industrial software and its auto sector.
Matthew Seiyefa Takes Over as Ag. DG DSS
According to him, the unlawful act which was done without the knowledge of the presidency is completely unacceptable. Daura has been directed to hand over to the most senior officer of the State Security Service until further notice.
Man Utd reject Barca two players plus cash offer for Pogba
Leicester City are adamant over retaining defender Harry Maguire and have told Manchester United he is not available at any price. Other sections claim the midfielder is considered unsellable by United's owners and there's no way he'll leave for Barcelona .
Republicans Spent Big to Win a Special Election. Now They're anxious
House seats opening due to retirements, and when nominees will be selected for an open battleground district in suburban Detroit. It's election day, as voters in Ohio's 12th District decide the final congressional contest before November's national midterms.
Data compiled by Bloomberg show that investors in Shanghai are holding contracts on average for an estimated time of under 2 hr since their debut, compared with more than 65 hr for London's Brent crude during the same period, signaling the speculative zeal of the trading in China.
Analysts expect Iran's oil exports to drop more noticeably beginning in September, and the rate of decline to accelerate as the United States looks to have Iran's current customers reduce Iranian oil imports to "zero".
Indian PSUs, which last fiscal cut oil imports from Iran by a quarter, bought 5.67 million tonnes of crude oil from the Persian Gulf nation during April-June. WTI was trading at $69.10/Bbl, up $0.09 or 0.13%, Kallanish Energy notes. While Saudi Arabia was said to cut production last month despite a pledge in June by the Organization of the Petroleum Exporting Countries and allies to add more barrels, Russian Federation said it has the capacity to lift output to a post-Soviet record.
The Vienna conference analysed oil market developments since it met in Vienna at the end of November and reviewed the oil market outlook for the remainder of 2018. However, the U.S. has asked all nations to stop their oil imports from Iran by November 2018 as Trump vouches to bring Iran's oil sales to zero.
Meanwhile, traders looked ahead to a report from The American Petroleum Institute on USA crude inventory, due this evening. Affecting the demand side is the placing of tariffs on US crude imports by China. The negative trend in oil prices also harmed by the rise of the dollar exchange rate, which leads to the weakening of other commodities priced in the United States currency, such as crude oil. Analysts polled by Reuters had forecast a 1.7 million-barrel draw in gasoline stocks USOILG=ECI.