New York: Oil prices dive on Friday as traders weighed a possible US-Iran ceasefire framework, with US crude down 3.6 per cent at $84.58 a barrel, according to CME Group data.
IBD reported that US crude futures traded as low as $83.20 a barrel. It said near-month futures last traded above $100 on May 19, and markets now showed prices falling below $80 for November delivery.
Brent crude fell 3.6pc to $87.14 a barrel after earlier trading near $86, according to Intercontinental Exchange data. Brent had traded above $110 on May 19.
The move followed mixed signals over a possible deal. President Donald Trump said a 60-day extension of the ceasefire between the US and Iran had been approved and that a deal could be signed over the weekend.
Trump later said an Iranian state-media description of the terms “bears no relation to the truth,” IBD reported. Iran’s foreign minister, Abbas Araghchi, posted that a deal “has never been closer.”
IRNA said Iran would receive billions of dollars in frozen funds and that control over the Strait of Hormuz would be handled through Iran and Oman.
Read: Iran-US Quagmire Warning Follows Trump Oil Seizure Threat
CBS News reported that Iranian officials said no final conclusion had been reached on the agreement.
The United States Oil Fund ETF slid 2.45pc to 125.68 in volatile morning trade after falling 4.1pc on Thursday, IBD reported. The S&P 500 rose 0.6pc after gaining 1.75pc on Thursday, its best advance since April 8.
