WASHINGTON (dpa-AFX) - Crude oil futures fell Tuesday amid concerns about possible sanctions in Iran in the wake of complaints it continues to pursue nuclear weapons.
Meanwhile, other OPEC members are reducing output in order to offset the U.S. shale boom.
Traders are also looking ahead of U.S. inventories data. The American Petroleum Institute will release its stockpiles report this afternoon, followed tomorrow morning by figures from the Energy Information Administration.
June WTI oil drops $1.32, or 1.9%, to settle at $67.25/bbl.
Growth in U.S. manufacturing activity slowed by more than anticipated in the month of April, according to a report released by the Institute for Supply Management.
The ISM said its purchasing managers index dropped to 57.3 in April from 59.3 in March, although a reading above 50 still indicates growth in the manufacturing sector. Economists had expected the index to dip to 58.3.
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