U.S. crude settled about 1 percent lower on Thursday, but an apparent momentum towards a deal between Iran and world powers over its nuclear program and higher U.S. inventories offset supply shocks in the Middle East.
U.S. Secretary of State John Kerry said on Wednesday that a deal between Iran and the P5+1 group of countries would be harder to achieve after a Nov. 24 deadline, suggesting a degree of urgency ahead of planned talks in Oman next week.
“If sanctions on Iran are eased, one needs to review once again the supply and demand balance,” said Olivier Jakob of Petromatrix, a Swiss energy consultancy.
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