Brent crude dropped as talks between Iran and six global powers over a nuclear deal entered their final stretch and primed oil market participants for a potential easing of sanctions and a burst of exports from the Opec producer in the future.
ICE May Brent fell 68 cents to $55.64 a barrel on Tuesday after dropping to a low of $54.72 a barrel in earlier trading.
The international benchmark, which cast aside bullish sentiment emanating from Nigeria and Yemen, is down almost 3 per cent this quarter.
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