SINGAPORE: Oil prices down in Asian market on Tuesday with the possible return of Iranian crude oil to the global.
US benchmark West Texas Intermediate for August delivery was down 17 cents at 60.21 dollars a barrel in late-morning Asian trade, and Brent crude for August dropped 14 cents to 63.20 dollars.
Analysts said that the market fell due to cancers over surplus oil supply. They were of view that Iran and major western powers were likely to agree on a deal by June 30 regarding nuclear program.
Any deal could result in Iranian crude returning to the world market.
