WASHINGTON (dpa-AFX) - Crude oil prices plunged close to 3 percent on Thursday as markets speculated about the likelihood of crude oil oversupply in the event of a nuclear deal between the U.S. and Iran. Concerns about global oil demand raised by the International Energy Agency in its Oil Market Report for May also dampened market sentiment.
Both Brent and WTI crude oil benchmarks added to Wednesday's losses amidst fears that a potential nuclear deal between the U.S. and Iran could portend an easier flow of Iranian crude oil to the global markets.
The International Energy Agency in its monthly report released on Thursday said that global oil demand growth is projected to slow for the remainder of the year as economic headwinds and record EV sales curb use.
Brent Oil Futures for July settlement is currently trading at $64.19, having slipped 2.87 percent from the previous close of $66.09 on Wednesday. Brent Oil had declined 0.81 percent on Wednesday.
The day's trading ranged between $65.85 and $63.45 whereas the 52-week trading range was between $58.4 and $87.95.
Though Brent has gained 1.8 percent over the past week, losses exceed 2.8 percent over the past month. Brent oil is currently down more than 44 percent from the levels three years ago.
West Texas Intermediate (WTI) Crude Oil Futures for June dropped 3.04 percent from the previous close of $63.15 on Wednesday to trade at $61.23. WTI Crude oil had declined 2.3 percent on Wednesday.
Prices ranged between a high of $62.92 and a low of $60.47 in the day's trading. Trading has ranged between $55.12 and $84.20 over the past 52 weeks.
Gains in the past week exceed 1.8 percent. However, over the past month, the decline exceeds 2.3 percent. Prices are currently 45.5 percent below the levels three years ago.
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