Crude oil futures ended deeply in red on Thursday on reports talks in Vienna to revive the Iranian nuclear deal are nearing their conclusion. The United States is in the midst of the very final stages of indirect talks with Iran, aimed at salvaging a 2015 deal limiting Tehran’s nuclear activities. A decision on salvaging the nuclear deal was said by France on Wednesday to be only days away and that it was up to Tehran to make the political choice, though Iran called on Western powers to be realistic. However, continuing tensions over a possible Russian invasion of Ukraine continues to support oil markets because of the potential disruption to energy supplies. Russian-backed rebels and Ukrainian forces traded accusations on Thursday that each had fired across the ceasefire line in eastern Ukraine, raising alarm at a time when Western countries have warned of a possible Russian invasion any day.
Benchmark crude oil futures for March delivery fell $1.90 or 2 percent to settle at $91.76 a barrel on the New York Mercantile Exchange. Brent crude for April delivery dropped $2.05 or 2.17 percent to settle at $92.76 a barrel on London's Intercontinental Exchange.