Egypt News Today – Cairo: Oil has fallen following talks between France and Iran on the eve of a nuclear deal.

Today’s important news | Oil fell more than 2% in early Asian trade on Thursday, as France and Iran said they were close to reaching a consensus to defend Iran’s 2015 nuclear deal with world powers, countering the impact of continuing concerns over the situation in Ukraine.

U.S. West Texas Intermediate crude was down $ 2.50 or 2.7 percent at $ 91.16 a barrel at 0058 GMT, after rising 1.7 percent in the previous session.

Brent crude was down $ 2.43, or 2.6 percent, at $ 92.38, up 1.6 percent after trading the previous day.

Claudio Galimberti, vice-chairman of the Rystad Energy consultancy, said: “The positive news about the US-Iran nuclear talks is giving much needed peace to global oil prices because the potential for new crude supplies is reducing the supply-demand deficit.”

Tehran called on Western powers to be “realistic” that the decision to defend the Iranian nuclear deal, which was concluded in 2015 with the world powers, was only a few days away and that Tehran needed to make a political decision now.

Across the Arab world, Dubai crude rose to record highs this week, while in the spot market for Russian crude oil, which was loaded in April, prices rose to a two-year low in Asia as prices returned; Early stages of corona virus infection.

Supplies worldwide tightened as the Organization of the Petroleum Exporting Countries (OPEC) and its allies delayed their commitment to increase production to 400,000 barrels a day each month.