New York (AFP) – Oil prices dipped as traders eyed talks between Iran and global powers that could ease international sanctions on one of the world’s leading oil producers.
US benchmark West Texas Intermediate for May delivery shed 19 cents to $48.68 a barrel on the New York Mercantile Exchange.
European benchmark Brent oil for May delivery fell 12 cents to $56.29 a barrel in London.
The prospect of an Iran deal is a further weight on the oil market, which already faces downward pressure due to the strong dollar and lofty petroleum supplies.
Gene McGillian, broker and analyst at Tradition Energy, predicted oil is “going to continue to come under pressure” because of excess crude supply.