Oil retreats from large jump as focus returns to Iran talks

Oil prices fell on Thursday as attention returned to nuclear talks with Iran, with the prospects for a deal and an increase in Iranian crude exports helping to keep pressure on prices.



Major powers and Iran have stretched talks on Tehran’s nuclear programme into a second day past an end-March deadline, with diplomats saying prospects for a preliminary deal were balanced between success and collapse in the coming hours.



Both Brent and U.S crude prices snapped three-session losing streaks on Wednesday, gaining $2 or more after data from the Energy Information Administration (EIA) showed a fall in rigs drilling for oil resulted in a drop in U.S. output last week for the first time since late-December.



Brent crude for May delivery was down 37 cents at $56.73 a barrel by 0408 GMT. The contract had settled $1.99 higher on Wednesday.



U.S. crude for May delivery was down 50 cents at $49.59 a barrel, after closing up $2.49, or 5.2 percent.



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Posted in: Indian Market Tips