West TX Oil Drops Below $46.50 as Iran Nuclear Talks Drag On

U.S. crude futures edged up on Wednesday, following a more than 7 percent decline over the past three days, as Iran and world powers negotiated beyond a Tuesday deadline, raising uncertainty over a nuclear deal that could add to a global crude glut.

Nymex crude for May delivery was up 9 cents at $47.69 a barrel by 2257 GMT, after settling down $1.08 at $47.60 on Tuesday.  The benchmark contract fell 7.4 percent during the past three sessions amid expectations of a nuclear deal.  London Brent crude for May delivery was untraded yet, after settling down $1.18 at $55.11.

The United States said on Tuesday that world powers and Iran would keep negotiating beyond a midnight deadline, while warning that it was ready to abandon the talks altogether.


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