Oil slid more than 2% in early Asian trade on Thursday after both France and Iran said parties are closer to an agreement to salvage Iran’s 2015 nuclear deal with world powers, offsetting ongoing concerns over the situation in Ukraine.
U.S. West Texas Intermediate (WTI) crude was trading down $2.50, or 2.7%, at $91.16 a barrel at 0058 GMT, after it ended up 1.7% the previous day.
Brent crude was trading down $2.43, or 2.6%, at $92.38 after the contract closed up 1.6% in the previous day’s trade.
“Positive news from the U.S.-Iran nuclear negotiations is providing much-needed relief to global oil prices, as the possibility of new crude supplies reduces the supply-demand deficit,” said Claudio Galimberti, senior vice president of consultancy Rystad Energy.
