Oil falls after signs of progress in nuclear talks with Iran

On Friday, the administration of US President Joe Biden restored Iran’s exemption from sanctions to allow international nuclear cooperation projects, with talks on the 2015 international nuclear agreement entering the final stage.

If the United States lifts sanctions on Iran, it could increase oil shipments, leading to an increase in global oil supply.

Brent crude fell 53 cents, or 0.6 percent, to $92.74 a barrel by 00:55 GMT, after rising $2.16 on Friday.

US West Texas Intermediate crude fell 74 cents, or 0.8 percent, to $91.57 a barrel, after rising $2.04 in the previous session.

Both benchmarks reached their highest levels in seven years on Friday, continuing their rise for a seventh week due to continuing concerns about supply disruptions.

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