Oil price slides over 2% from 7-year high on more US-Iran talks

Brent futures fell US$1.91, or 2.1%, to settle at $90.78 a barrel, while U.S. West Texas Intermediate (WTI) crude fell $1.96, or 2.1%, to settle at $89.36. Both benchmarks, however, face extreme backwardation in coming months.

NEW YORK:Oil slid more than 2% on Tuesday from recent seven-year highs as the resumption of indirect talks between the United States and Iran could revive an international nuclear agreement and allow more oil exports from the OPEC producer.

A deal could return more than 1 million barrels per day (bpd) of Iranian oil to the market, boosting global supply by about 1%. The nuclear talks resumed in Vienna on Tuesday.