Oil prices were moving lower on Tuesday amid talks to revive the 2015 nuclear deal. The revival of the nuclear accord would open the door for Iran to resume oil exports.
Benchmark Brent crude futures dipped 0.6 percent to $96.03 per barrel, while WTI crude futures were down 0.8 percent at $90.02.
Talks to revive Tehran's tattered nuclear accord with world powers in Vienna ended Monday, with the European Union saying it put forward a "final" text to revive the 2015 Iran nuclear deal.
"What can be negotiated has been negotiated, and it's now in a final text. However, behind every technical issue and every paragraph lies a political decision that needs to be taken in the capitals," EU foreign policy chief Josep Borrell tweeted.
"If these answers are positive, then we can sign this deal," he added. A deal could result in Iran boosting its oil exports by around 1 million barrels per day.
Weekly U.S. oil inventory data from the American Petroleum Institute is due later today ahead of the Energy Information Administration report on Wednesday. Investors will watch for any signs of recovery in U.S. gasoline demand.
