Crude oil futures ended lower for third straight day on Thursday as signs of progress in Iran nuclear talks raised expectations that global crude supply will see a surge in the near term. Iran's president Hassan Rouhani said the broad outline of a deal to end sanctions on its oil had been reached. According to private report, Rouhani said that all parties to the talks have agreed to lift all major sanctions on oil, petrochemicals, shipping, insurance, the central bank and so on. However, worries about outlook for energy demand due to the surge in coronavirus cases in Asian countries and possible stricter restrictions on movements in several places in Asia weighed on oil prices.
Crude oil futures for June fell $1.31 or about 2.1 percent to settle at $62.05 barrel on the New York Mercantile Exchange. July Brent crude dropped $1.55 or 2.3 percent to settle at $65.11 a barrel on London's Intercontinental Exchange.