US crude oil prices have slipped back after strong gains as the White House prepared to announce a decision on whether it will withdraw from the Iran nuclear deal. Iran’s oil production has bounced back to nearly 4m barrels a day since world powers eased sanctions over its nuclear programme. Reimposing sanctions could reduce Iranian oil exports by 200,000-300,000 barrels a day, according to RBC Capital Markets. Click Read More below for additional information.

Futures slid 0.5 percent after advancing 1.2 percent earlier. Oil may slip below $40 unless there are sustained inventory declines and a drop in the rig count, according to Goldman Sachs. U.S. crude stockpiles probably fell by 2.85 million barrels last week, a Bloomberg survey showed before an Energy Information Administration report Wednesday. “The market is still searching for a new equilibrium, and in particular for a lower band for the oil-price range,” said Jan Edelmann, an analyst at HSH Nordbank AG in Hamburg. Investor sentiment is “close to its lows,” which may cause a “renewed downswing in prices to sub-$40.” Click Read More below for additional detail.

National Average Price for Regular Unleaded Current: $3.438; Month Ago: $3.278; Year Ago: $3.466. National Average Price for Diesel Current: $4.035; Month Ago: $4.099; Year Ago: $4.335.