Oil prices fell about 1% on Monday after nuclear talks between the United States and Iran progressed, reducing the concerns that the dispute will reduce supply from the major Middle Eastern producer.
Brent crude futures slipped 70 cents, or 1.03%, to $67.26 a barrel at 0030 GMT after closing up 3.2% on Thursday.
US West Texas Intermediate crude was at $64 a barrel, down 68 cents, 1.05%, after settling up 3.54% in the previous session.
Thursday was the last settlement day last week because of the Good Friday holiday.
The US and Iran agreed on Saturday to begin drawing up a framework for a potential nuclear deal, Iran’s foreign minister said, after talks that a US official described as yielding “very good progress. ”
The progress on the nuclear discussions follows further sanctions by the US last week, including against a China-based teapot oil refinery that it alleges processed Iranian crude, ramping up pressure on Tehran amid the talks. Teapot is an industry term for smaller, independent processors.
Concerns about tightening Iranian oil supply and hopes for a trade deal between the United States and the European Union, pushed both Brent and WTI up about 5% last week, their first weekly gain in three weeks.
REUTERS
