The decline in oil while the Iranian offer concerns the ease and concentration on US crude oil supplies

Oil fell on Tuesday, as prices were expected to return one day earlier as fears over Iranian oil eased and traders began to turn to weekly data on oil prices. US oil stocks.

CLU8, -2.20%

on the New York Mercantile Exchange fell $ 1.44, or close to 2.1%, to $ 68.69 per barrel after rising 2 , 1% Monday. September Brent Brent

LCOU8, -1.07%

which expires at the end of the session, was down 80 cents, or 1.1%, to $ 74.17 per barrel on the ICE Futures Exchange Europe, after rising 0.9% the day before "Iran has been a major source of price support for the crude complex in the midst of expected production cuts in the face of US sanctions and an escalation of hawkish rhetoric between the US and the US. Iran and President Trump, "said Robbie Fraser, commodity analyst. at Schneider Electric. "However, these conditions took a somewhat surprising turn yesterday when President Trump offered to meet with Iranian President Hassan Rouhani without preconditions."

Yet while sanctions against oil transactions are only fully enforced in November, An Impact, Commerzbank analysts wrote, in a note, citing a Reuters poll that showed that oil production Iran in July had decreased by 100,000 barrels a day.

"There is no indication that the United States plans to delay the imposition of sanctions on the Iranian oil industry, suggesting that Iranian production should still experience significant declines until the end of the year." the end of the year, "said Fraser

. The Organization of the Petroleum Exporting Countries boosted the production of increased production from Kuwait, Saudi Arabia, the United Arab Emirates and Nigeria, noted Commerzbank analysts. The OPEC and other major producers, including Russia, agreed in June to increase production to offset the barrel loss of countries like Venezuela and Iran, while remaining within the previously accepted production limits, which contributed to a global overabundance of crude oil.

Read: Here's How The Saudis Could Help Trump Contain Gasoline Prices

Investors Will Turn To US Supply Data, The American Petroleum Institute to provide his estimate of weekly stocks on Tuesday. To close. According to a survey conducted by S & P Global, analysts expect on average a decline of 2.4 million barrels of crude inventories for the week ended July 27. Platts. They also forecast a $ 1.5 million drop in gasoline supplies, but distillate inventories are expected to have risen by 560,000 barrels

Oil futures rebounded on Monday, WTI pushing back $ 70 . Analysts said the crude's ability to hold technical support paved the way for the gain.

"For the second time in two weeks, the 100-day moving average [on Monday] served as a springboard for rallies over $ 70. The last 100-day rally peaked at $ 71.10, which will now serve as a key resistance, "said Robert Yawger, director of energy at Mizuho USA, in a note.

In other energy exchanges, the essence of August

RBQ8, -1.78%

fell 1.8% to $ 2.121 per gallon, while heating oil from August

HOQ8, -1.52%

lost 1.5% to $ 2.138 a gallon. The August contracts expire at the end of the session. September on natural gas futures

NGU18, + 0.82%

added 0.9% to $ 2,822 per million British thermal units

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