Daily Times

Crude oil prices slid two percent down on Thursday amid reports about an expected US-Iran nuclear deal, which can bring Iranian oil back to market. As of 1245 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, shed $1.68 (-1.77 percent) to reach $93.13 a barrel. Brent crude futures hit the highest level since October 2014 at $96.16 on Monday last. On the other hand, the US West Texas Intermediate (WTI) price reached $91.78 a barrel, down by $1.88 (-2.01 percent). WTI crude rose to $94.94, its highest level in over seven years, on Monday last. The price for Opec Basket was recorded at $94.73 a barrel with an increase of 2.02 percent, Arab Light was available at $92.28 a barrel with a decrease of 0.05 percent and the price of Russian Sokol went up to $95.12 a barrel with 0.04 percent increase. According to market experts, developments in the US-Iran nuclear negotiations are helping calm oil prices as hopes of Iranian barrels returning to the global picture build. They said that although not a done deal yet, prices are sliding on news of progress and broad consensus in the talks as it can ultimately see up to 900,000 barrels per day of crude added to the market by December this year. Negotiators from Iran, the US, Germany, China, Russia, France and the EU have said a resolution could be announced in the next few days. “After weeks of intensive talks, we are closer than ever to an agreement; nothing has been agreed until everything has been agreed, though,” said Ali Kani, Iran’s chief negotiator in Vienna.