Oil price falls 2% on possible return of Iranian supply

Brent crude fell US$1.55, or 2.3%, to settle at $65.11 a barrel. West Texas Intermediate crude ended $1.31, or 2.1%, lower at $62.05 a barrel. Both contracts fell around 3% in the previous session. (File pic shows an Iranian oil complex - Reuters)

NEW YORK: Oil prices fell more than 2% on Thursday, marking a third day of losses, after diplomats said progress was made toward a deal to lift U.S. sanctions on Iran, which could boost crude supply.

Brent crude fell US$1.55, or 2.3%, to settle at $65.11 a barrel. West Texas Intermediate crude ended $1.31, or 2.1%, lower at $62.05 a barrel. Both contracts fell around 3% in the previous session.