Crude dropped on Thursday as the prospect of a deal eased fears about Middle East supply. West Texas Intermediate settled down 2.6 percent at 87.71 dollars and Brent fell 2.9 percent to 90.38, with both sliding further toward 86 dollars after hours.
A signed agreement would reopen the Strait of Hormuz, the chokepoint for about a fifth of the world's oil that has been effectively closed for months.
For now the relief is on paper, since the strait remains shut and the U.S. blockade stays in force.
Sources: CNBC.
