Oil prices took another steep plunge Tuesday, marking its “third-worst single-day” drop since the oil bust began last summer.
The price fell early Tuesday by $1.87 to $50.66 a barrel on the New York Mercantile Exchange, according to this report from the Houston Chronicle’s Fuelfix blog.
The reason for the decrease, reports Fuelfix:
U.S. crude continued to sink Tuesday after plunging on Monday to its third-worst single-day fall since the oil bust unceremoniously began in June 2014, under pressure from the threat of financial disaster in Greece and China and the potential Iran nuclear deal, which had originally been set for a June 30 deadline. That had been extended to Tuesday.
The deal, analysts say, could put 700,000 barrels of Iranian crude back onto international markets in six months to a year, and some 40 million barrels of Iranian crude stored in offshore vessels could be sold off relatively quickly after a deal is reached.
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