Oil ends at lowest in a week as traders eye India’s fuel demand, Iran nuclear deal developments

Oil futures ended at their lowest in about a week on Wednesday, with India’s difficulty to contain the pandemic raising expectations for a slowdown in fuel demand. Traders also watched developments tied to discussions toward a nuclear deal with Iran. The Wall Street Journal reported on Wednesday, citing people familiar with the matter, that President Joe Biden’s administration has signaled its openness to easing sanctions on parts of Iran’s economy as negotiations for an agreement continue. June West Texas Intermediate crude fell $1.32, or 2.1%, to settle at $61.35 a barrel on the New York Mercantile Exchange. That was the lowest front-month contract finish since April 13, FactSet data show.

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