US Stock Market Move | Brent crude oil futures fall more than 3%, oil stocks broadly lower in premarket trading

On Tuesday, oil stocks broadly declined in premarket trading. Petrleo Brasileiro S.A. (PBR.US) fell more than 3%, while Occidental Petroleum Corporation (OXY.US), Exxon Mobil Corporation (XOM.US), BP p.l.c. Sponsored ADR (BP.US), and Chevron Corporation (CVX.US) each dropped less than 1%. The front-month Brent crude oil futures contract broke below the US$101 per barrel mark during intraday trading, falling more than 3% on the day. On the news front, sources close to the mediation team said that the United States, Saudi Arabia, and the UAE all endorse the new draft memorandum of understanding proposed by Qatar. The United States and Iran have made concessions on the nuclear issue and frozen assets. Discussions currently center on the first step, namely how to announce the reaching of an interim agreement, after which both sides will return to negotiations.