US Stock Market Move | Oil stocks fell, Occidental Petroleum Corporation (OXY.US) dropped more than 4%

On Tuesday, oil stocks fell collectively, with Occidental Petroleum Corporation (OXY.US) dropping over 4%, Petrobras (PBR.US) and ConocoPhillips (COP.US) dropping over 3%, Chevron Corporation (CVX.US) dropping over 2%, and Imperial Oil Limited (IMO.US) dropping nearly 2%. In terms of news, international oil prices continued to decline, with Brent crude briefly falling below $95 per barrel, a drop of over 4%. Sources revealed that a US-Iran delegation will hold talks later this week in Islamabad, Pakistan. However, other sources mentioned that it is still uncertain whether the next round of negotiations between the US and Iran will be held in the Pakistani capital. Additionally, Pakistani diplomatic sources disclosed that both the US and Iran have agreed to continue negotiations, but there are still differences regarding the agenda, goals, format, and location of the next round of talks. Iran prefers Islamabad, citing its proximity, familiarity, and satisfaction with Pakistan's role as a mediator. It is reported that the US is considering other alternative options.