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Oil falls after France and Iran approach nuclear deal
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Oil prices fell, on Thursday, after France and Iran announced that the parties were close to reaching an agreement on the Iranian nuclear deal with world powers, which eased the price hike due to tensions between Russia and Ukraine.
Brent crude was trading at $93.72 at 05:03, down $1.04 GMT, after the contract closed up 1.6 percent in the previous day's trading.
US West Texas Intermediate (WTI) crude was trading at $92.53 a barrel, down $1.13 after rising 1.7% the previous day.
France said on Wednesday that the decision on saving Iran's 2015 nuclear deal with world powers was only days away and that it was now up to Tehran to make the political decision, while Tehran called on Western powers to be "realistic".
With the new deal approaching, South Korea, once one of Tehran's main oil clients in Asia, said on Wednesday it had held working-level talks on resuming imports of Iranian crude and unfreezing Iranian funds.
On the other hand, Russia's threatening stance towards Ukraine has dominated the oil markets in recent weeks, with fears that supply disruptions from the main product in a tight global market could push oil prices to $100 a barrel.
Russia's announcement of a partial withdrawal of its forces from areas near Ukraine earlier this week was met with a warning by Western governments that Russia was strengthening its military presence near the Ukrainian border, which has led to continued tension.
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