Oil slips for third straight day amid talks of reviving Iran nuclear deal

Oil prices extended their losses on Thursday, dragging U.S. futures below $80 per barrel following the agreement of Iran and world powers to resume nuclear talks this month. The resumption of the nuclear deal could lead to the removal of U.S. sanctions on Iranian oil, boosting global supplies.

U.S. West Texas Intermediate (WTI) crude fell for the third consecutive day to $79.98 per barrel by 0326 GMT, lower by 1.1%, or 88 cents.

Brent crude futures for January declined for a second session, shedding 0.8%, or 66 cents to $81.33 per barrel.

On Wednesday, both benchmarks posted their largest daily percentage declines since early August, with Brent closing at its lowest since October 7 and WTI since October 13. The benchmarks’ losses came after data from the U.S. Energy Information Administration showed a larger-than-expected increase in crude stocks in the previous week.

Tehran and six world powers will begin talks on reviving the 2015 Iran nuclear deal on November 29. Iran has called for the removal of U.S. sanctions imposed on the country’s oil exports.

In related news, the Organization of the Petroleum Exporting Countries and its allies will be meeting on Thursday to reconfirm its plans to keep monthly supply boosts steady amid calls for acceleration.