Oil prices retreat amid eased geopolitical tensions

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Europe

Oil prices settled lower on Tuesday as US President Donald Trump signaled that the US and France are close to reaching an agreement to preserve the Iran nuclear deal.

During a press conference on Tuesday with French President Emmanuel Macron, who wants to keep the deal in place, Trump said he and Macron "could have at least an agreement among ourselves fairly quickly," according to CNBC.

The US has until May 12 to decide whether to quit a nuclear deal with Iran and reimpose sanctions against the third-largest producer in the Organization of the Petroleum Exporting Countries.

Investors also kept a close eye on the US crude inventory data, which is scheduled for release on Wednesday, with analysts expecting a decline both in crude stockpiles and gasoline supplies.

The West Texas Intermediate for June delivery fell 0.94 US dollar to settle at 67.70 dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery lost 0.85 dollar to close at 73.86 dollars a barrel on the London ICE Futures Exchange.

Source(s): Xinhua News Agency