(MENAFN- ProactiveInvestors)
West Texas Intermediate oil futures settled with a modest loss overnight reversing course in the last half hour of trading after spending much of the session above US$50 a barrel.
But the price spread between West Texas Intermediate and Brent crude still narrowed as losses for Brent crude also worsened near the close.
West Texas Intermediate for April delivery fell 0.3% to settle at US$49.59 a barrel on the New York Mercantile Exchange.
Brent crude settled at US$59.54 a barrel on the ICE Futures exchange with prices down 4.9%. Brent fell on speculation of a nuclear deal that could boost Iran's oil exports.
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.
Iranian oil exports have been restricted by sanctions for several years as the United States and Europe responded to Tehran's nuclear program although Iran says its nuclear plans are peaceful.
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