Commodities
Oil Prices Drop Amid Weaker Demand Forecasts and Deadlocked US-Iran Talks
Oil prices fell on Thursday as traders shifted their focus to weaker global demand forecasts despite ongoing talks between the US and Iran.
Brent futures dropped by 42 cents, or 0.47%, to $88.56 a barrel, while West Texas Intermediate (WTI) crude fell by 55 cents, or 0.66%, to $82.72.
The price decline came after a senior Iranian source said there had been no progress in talks to revive an interim deal agreed in June and define a timeframe for its implementation.
ING analysts noted that both the US and Iran remained in a deadlock, with little fresh developments.