Oil slides from decade-highs as Iran talks kindle supply hopes

Brent LCOc1 futures were down US$2.47, or 2.2%, to $110.46 a barrel, while U.S. West Texas Intermediate (WTI) crude CLc1 fell $2.93, or 2.6%, to $107.67.

HOUSTON: Oil slid 2% on Thursday, after hitting prices not seen in a decade, as sellers jumped on hopes the United States and Iran will agree soon on a nuclear deal that could add barrels to a tight global market.

Trade was volatile, with crude prices jumping early to multi-year highs on worries about disruption to Russia's exports, which at 4 to 5 million barrels per day (bpd) are more than any other nation other than Saudi Arabia. Following Russia's invasion of Ukraine, companies are shunning Russian supply and scrambling for barrels elsewhere.