WASHINGTON (dpa-AFX) - Oil prices fell on Thursday as investors fretted over Indian energy demand and the impact of Iranian oil on supply.
Brent crude futures for Aug settlement dropped 0.8 percent to $68.15 a barrel, while U.S. West Texas Intermediate (WTI) crude futures for July delivery were down 0.8 percent at $65.66.
Traders focused on the Iranian nuclear talks being held in Vienna aimed to revive a nuclear accord.
Talks between Iran and world powers resumed on Tuesday for reviving the 2015 nuclear deal, formally known as the Joint Comprehensive Plan of Action.
U.S. top negotiator Rob Malley said on Tuesday that the latest round of talks was constructive and saw meaningful progress. But much work still needed to be done.
The increase of supply from Iran is expected to be gradual, if sanctions on the country are lifted.
The Organization of Petroleum Exporting Countries and its allies are set to meet on June 1 to discuss the state of the market and their production policy.
Investors also remain concerned about demand in India as COVID-19 runs rampant across the country.
Transport fuel demand is likely to grow at a slower than expected pace this year amid uncertainties around lockdowns and the pace of vaccinations.
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