Oil prices fell more than 2% and were on track for a third day of losses on Thursday after diplomats said progress was made toward a deal to lift sanctions on Iran, which could boost crude supply.
Brent crude fell $1.55, or 2.3%, to settle at $65.11 a barrel. West Texas Intermediate U.S. oil fell $1.31, or 2%, to settle at $62.05 a barrel. Both contracts fell around 3% in the previous session.
Iranian President Hassan Rouhani said in a televised speech that sanctions on oil, shipping, petrochemicals, insurance and the central bank had been dealt with in the talks.
But European diplomats said success was not guaranteed and very difficult issues remained, while a senior Iranian official contradicted the president.
Indian refiners and at least one European refiner are re-evaluating their crude purchases to make room for Iranian oil in the second half of this year, anticipating that U.S. sanctions will be lifted, company officials and trading sources said.
Reference: CNBC
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