Crude oil futures closed lower on Thursday after President Donald Trump indicated the US is very close to reaching a nuclear deal with Iran. Trump's comments come after a top adviser to Iranian Supreme Leader Ayatollah Ali Khamenei indicated that the Iran is ready to sign a nuclear deal with certain conditions with in exchange for lifting economic sanctions. Besides, concerns about global oil demand raised by the International Energy Agency (IEA) 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.
Benchmark crude oil futures for Jun plunged $1.53 about 2.42% at $61.62 a barrel on the New York Mercantile Exchange. Brent crude for Jul delivery fell $1.56 or 2.36% to settle at $64.53 a barrel on London's Intercontinental Exchange.