Oil Prices Volatile Amid US-Iran Talks and Demand Concerns

Oil prices fell sharply to below $70 a barrel after reports emerged that the US and Iran are nearing a deal that could lead to more Iranian crude exports. The drop in prices came amid concerns over energy consumption. Iran could restore about 1 million barrels of daily crude production within months of a deal, traders and analysts said last year before talks broke down. The knee-jerk reaction to the reports shows how quickly crude can turn lower while struggling to move higher even when there are positive developments.