Oil prices settle lower over progress in Iran nuclear talks

NEW YORK, Aug. 9 (Xinhua) -- Oil prices declined on Tuesday, over rising prospects of more Iranian oil exports due to progress in Iran nuclear talks.

The European Union on Monday put forward a final text of the draft decision on reviving the 2015 Iran nuclear deal, while awaiting political decisions from participants of the Vienna talks.

The West Texas Intermediate for September delivery dipped 0.26 U.S. dollars, or 0.29 percent, to settle at 90.50 dollars a barrel on the New York Mercantile Exchange. Brent crude for October delivery decreased 0.34 dollars, or 0.35 percent, to close at 96.31 dollars a barrel on the London ICE Futures Exchange.

Some traders talked about the Iran nuclear talks and held out hopes for a deal, said Phil Flynn, senior market analyst with The PRICE Futures Group.

Iran could lift its oil exports by 1 million to 1.5 million barrels per day in six months and a revival of the 2015 nuclear accord will likely see oil prices fall sharply given low expectation of the deal in the market, according to Vivek Dhar, analyst with Commonwealth Bank.

Total U.S. commercial crude stocks likely climbed by 600,000 barrels last week, while U.S. gasoline stocks and distillate stocks dropped 1.2 million barrels and 900,000 barrels in the same period, respectively, according to the latest survey of analysts by S&P Global Commodity Insights.

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