31.03.201507:58:00UTC+00Crude Oil Slides As Iran Nears Deal To Lift Sanctions

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.