Crude oil dropped significantly during Asian trading on Thursday after both France and Iran expressed Iran’s 2015 nuclear deal with worth powers are closer to an agreement.
U.S. West Texas Intermediate (WTI) crude was trading down by 2.18%, at $91.62 a barrel while Brent crude was trading down by 1.94% at $93.06 per barrel.
“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 to Reuters.
Earlier on Wednesday France said a decision on salvaging Iran’s 2015 nuclear deal with world powers are just day away and now it is in the hand of Iran to make the political choice.
