Oil prices dropped nearly 3 percent on Monday amid signs of progress in discussions between the US and Iran, while investors continued to worry about economic challenges, including tariffs that could reduce fuel demand.
By 1448 GMT, Brent crude futures had fallen by $1.93, or 2.8 percent, to $66.03 a barrel, following a 3.2 percent increase on Thursday.
US West Texas Intermediate (WTI) crude also dropped $1.69, or 2.6 percent, to $62.99 a barrel, after a 3.54 percent rise in the previous session. Thursday was the last trading day of the previous week due to the Good Friday holiday.
In diplomatic developments, US and Iranian officials agreed to begin drafting a framework for a possible nuclear deal, according to Iran’s foreign minister. A US official described the talks as making “very good progress.”
This diplomatic momentum follows new US sanctions imposed last week on a Chinese independent oil refinery, which Washington accuses of processing Iranian crude, intensifying pressure on Tehran.
