Oil extended its losses on Thursday, on news that Iran and world powers have agreed to the "parameters" of a nuclear deal.
Brent, the global oil benchmark, fell as much as 5.3 per cent to $54.06 a barrel in the minutes after the news, while West Texas Intermediate, the US oil standard, declined 3.9 per cent to $48.15 a barrel.
Iran has historically been one of the world's major oil producers and an easing of sanctions that are currently imposed on the country's oil export could potentially bring millions of barrels of additional crude oil into the already saturated market and further depress prices.
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