Brent crude tumbled more than 3 percent on Monday on speculation of a nuclear deal that could boost Iran’s oil exports. U.S. crude fell 17 cents, or 0.3 percent, to settle at $49.59 a barrel. It rose about 1 percent earlier as traders bet the gap between the two would narrow.
Brent crude was down 2.9 percent, at $59.65. Front-month Brent jumped 18 percent in February, the largest monthly rise since May 2009.
Iranian Foreign Minister Mohammad Javad Zarif said a deal on Iran’s nuclear program could be concluded this week if the United States and other Western countries had sufficient political will and agreed to remove sanctions on Tehran.
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