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Crude oil prices were lower Tuesday morning, pressured by signs that Iran is about to reach a deal with the West that would lift sanctions on its oil
Reports say Russia's foreign minister is en route to Switzerland to re-join talks between Iran and the West over Tehran's nuclear program.
If an agreement on inspections can be worked out, Iran's oil is expected to add to a global supply glut that has already driven oil prices to the lowest in six years.
Crude oil was down $1 at $47.66 a barrel on the New York Mercantile Exchange, moving back toward the six-year low near $44.
Yesterday, government data showed U.S. crude oil production increased during 2014 by 1.2 million barrels per day to 8.7 million bbl/d, the largest volume increase since record keeping began in 1900.
