Oil prices dropped to the lows of the session after President Donald Trump signaled that the United States and France are close to reaching an agreement to preserve the Iran nuclear deal.
The United States has until May 12 to decide whether to quit a nuclear deal with Iran and reimpose sanctions against the third-largest producer in the Organization of the Petroleum Exporting Countries.
During a press conference on Tuesday with French President Emmanuel Macron, who wants to keep the deal in place, Trump said the he and Macron "could have at least an agreement among ourselves fairly quickly."
"That's something of a surprise to the market, " said John Kilduff, founding partner at energy hedge fund Again Capital. "We were more expectant of the harsh rhetoric he started with than that he would intimate there's a deal."
U.S. West Texas Intermediate crude ended Tuesday's session down 94 cents, or 1.4 percent, to $67.70, falling further from Thursday's three-year high of $69.56.