Oil has dipped on a CNN headline saying that Iran has dropped another key demand as prospects for a nuclear deal improve (link).

Right in the story, it notes that Reuters already reported earlier today that Iran dropped its demand that the International Atomic Energy Agency had to close its investigation of undeclared nuclear material found at Iranian sites in 2019.

So this is old news being republished and naturally the oil market is moving anyway. That goes back to my old joke that you don't need to be literate to trade oil.

Update: Separetely, a WSJ report is crossing that reaffirms another Reuters story from earlier today:

Several OPEC members also told The Wall Street Journal on Tuesday that they might back a reduction in output, particularly if a global recession materializes.