The US benchmark, West Texas Intermediate (WTI) for May delivery, shed 95 cents to close at $49.14 a barrel on the New York Mercantile Exchange.
Brent North Sea crude for delivery in May, the global benchmark futures contract, slumped to $54.98 in late London trade, a sharp decline of $2.12 from Wednesday’s closing level.
The market has been following the marathon negotiations closely, estimating that an agreement could lift sanctions against Iran, allowing the return of Iranian crude to an oversupplied global market.
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