Oil falls more than 1% on expectations for US-Iran nuclear deal

 

Oil prices dropped by nearly $1 in early trading on Thursday amid speculation over a possible U.S.-Iran nuclear agreement, which raised expectations of increased supply. Adding to investor worries, an unexpected rise in U.S. crude inventories last week further fueled concerns about oversupply.

As of 0055 GMT, Brent crude futures were down 88 cents, or 1.3%, at $65.21 per barrel, while U.S. West Texas Intermediate (WTI) crude futures declined 92 cents, or 1.5%, to $62.23.