Oil price slides 2% as Iran talks offset Ukraine crisis

Brent futures fell US$1.84, or 1.9%, to settle at $92.97 a barrel, while U.S. West Texas Intermediate (WTI) crude fell $1.90, or 2.0%, to settle at $91.76. (File pic shows an Iranian oil complex. - Reuters)

NEW YORK: Oil prices fell about 2% on Thursday as talks to resurrect a nuclear deal with Iran entered their final stages and could unlock more crude supplies, but losses were limited by tension between top energy exporter Russia and the West over Ukraine.

"(The) oil market is locked in a tug of war between Iranian sanctions relief and Russian-Ukraine tensions," said Stephen Brennock at brokerage PVM Oil.