Crude oil futures closed lower on Tuesday after two days of gains as Russian President Vladimir Putin indicated a potential resumption of peace talks with Ukraine and Iran said nuclear talks could break down if the US insists on no enrichment. Crude oil prices declined as trade-related uncertainties, growing fiscal deficit and weakened confidence about enduring US exceptionalism weighed on the investor sentiments. Traders also weighed the impact of US-Iran nuclear deal talks, which lacked progress.
Benchmark crude oil futures for July declined $0.66 about 1.05% at $62.03 a barrel on the New York Mercantile Exchange. Brent crude for July delivery plunged $0.16 or 0.24% to settle at $65.54 a barrel on London's Intercontinental Exchange.