Oil prices declined on Tuesday following President Donald Trump’s Monday tweet that he would announce his decision on the Iran nuclear deal on Tuesday at 2 p.m. ET.
U.S. West Texas Intermediate crude futures declined 0.98 percent to trade at $70.04 per barrel after first crossing the $70 level on Monday for the first time since end-2014. Brent crude futures, meanwhile, shed 0.74 percent to trade at $75.60.
Trump, who had been due to make a decision by May 12 on the agreement, has criticized the deal in the past, taking issue with so-called “sunset clauses.” The 2015 accord has seen international sanctions on Iran lifted in exchange for the country curbing its nuclear program.
Oil had initially settled higher on Monday as markets weighed the potential impact of renewed U.S. sanctions.
U.S. stocks had closed higher in the last session, with technology shares recording a third consecutive day of gains, but were off their intraday highs on the back of Trump’s tweet.
In currencies, the dollar index, which tracks the dollar against a basket of currencies, traded at 92.717 at 8:01 a.m. HK/SIN after rising as high as 92.974 on Monday — its strongest level since December.
Against the yen, the greenback slipped below the 109 handle to trade at 108.90.
On the earnings front, full-year results for a number of Japanese companies, including Mitsubishi Corporation, Mitsui & Company, Sumitomo Corporation and Itochu Corporation, are due later in the day. Asahi Group also reports first-quarter earnings on Tuesday.