Oil slips under $100 on US and Iran dialogue hopes
Business
Oil prices just slipped under $100 a barrel, with Brent crude at $97.50 and WTI at $96.83 in early Tuesday trading.
The drop comes as traders feel renewed hopes of dialogue between the US and Iran might ease global supply worries, especially after recent price spikes caused by a US military blockade disrupting oil shipments.
US blockade stalls 10 million bpd
The US blockade has held up about 10 million barrels of oil per day, making things tense in the region and prompting warnings from Iran.
Meanwhile, OPEC has lowered its second-quarter demand forecast by 500,000 barrels per day due to economic concerns, showing just how much uncertainty is still out there for the energy market.