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Oil prices dropped on Thursday on signs that the US and Iran were getting closer to a deal on Tehran’s nuclear programme.
Prices for Brent crude, the international benchmark, slid by as much as 3.7 per cent to $63.68 after Donald Trump said the US was in “serious negotiations” with Iran. Prices then rebounded slightly to trade at about $63.98 per barrel.
“We’re in very serious negotiations with Iran for long-term peace,” Trump said during his tour of the Gulf, according to a pool report by AFP.
Prices for West Texas Intermediate, the US benchmark, traded 3.2 per cent lower at $61.11 a barrel.
This is a developing story.
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