WASHINGTON (dpa-AFX) - Following the pullback seen in the previous session, crude oil futures showed a more substantial move to the downside during trading on Thursday.
Crude for June delivery plunged $1.53 or 2.4 percent to $61.62 a barrel after falling $0.52 or 0.8 percent to $63.15 a barrel during Wednesday's session.
The steep drop by the price of crude oil came after President Donald Trump indicated the U.S. is 'very close' to reaching a nuclear deal with Iran.
'We're in very serious negotiations with Iran for long-term peace,' Trump said on Thursday in Qatar during his tour of the Middle East.
Trump's comments come after a top adviser to Iranian Supreme Leader Ayatollah Ali Khamenei told NBC News that Iran is ready to sign a nuclear deal with certain conditions with in exchange for lifting economic sanctions.
Concerns about global oil demand raised by the International Energy Agency in its Oil Market Report for May also dampened market sentiment.
The IEA said global oil demand growth is projected to slow for the remainder of the year as economic headwinds and record EV sales curb use.
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