Futures dropped 1.7 percent in New York, snapping eight straight sessions of gains. Russia wants to continue with the current deal and any further supply curbs would send the wrong message to the market, according to government officials. The U.S. dollar gained, reducing the appeal of commodities denominated in that currency. While prices have surged during the past week, oil remains in a bear market after concerns that rising global supply will offset output cuts from the Organization of Petroleum Exporting Countries and its partners. Libya and Nigeria, exempt from the OPEC-led curbs, accounted for half of the group’s production boost last month, according to data compiled by Bloomberg. Click Read More below for more of the story.

Strong buying emerged in oil markets Tuesday as focus shifted to an expected decline in Iranian crude exports after a senior U.S. State Department official said countries must stop purchasing crude by the start of November or face sanctions. Companies that buy Iranian crude oil must completely halt those exports by Nov. 4 or else they will face powerful U.S. sanctions, a senior State Department official told reporters on Tuesday. Oil prices moved sharply higher as investor focus shifted to the prospect of a void in global supplies as Iran – OPEC's third largest producer – exports more than 2 million barrels per day (bpd). Click Read More below for additional information.