US crude futures finish 1.8% lower at $70.50 a barrel in a choppy trading session disrupted by a holiday-shortened week and today's expiration of the front-month contract for July delivery.

Bob Yawger at Mizuho says selling pressure came in part from a Washington Post news report indicating the Biden administration was holding indirect bilateral talks with Iran regarding the curtailing of Tehran's nuclear program.

"There is a feeling that any deal could also make it easier for Iran to increase oil exports," says Yawger in a research note. The market will next turn to weekly US oil inventory reports, starting with API data tomorrow afternoon, a day later than normal due to Monday's Juneteenth holiday.

Source: Marketwatch