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World|business|March 31, 2015 / 05:16 PM
Oil drops to $55 as Iran nuclear talks intensify

AKIPRESS.COM - Brent crude oil dropped towards $55 a barrel on Tuesday as Iran and six world powers entered a final day of talks over a nuclear deal that could see the energy-rich country increase oil exports to world markets.

With a self-imposed deadline set for the end of the day, the United States, Britain, France, Germany, Russia and China ramped up the pace of negotiations with Iran in Switzerland over an outline deal on Tehran's nuclear program.

Disagreements on enrichment research and the pace of lifting sanctions remained as hurdles that could scupper a deal to end a 12-year standoff between Iran and the West.

Russian Foreign Minister Sergei Lavrov told reporters in Moscow he believed the talks had a good chance of success.

"The chances are high. They are probably not 100 percent but you can never be 100 percent certain of anything," Lavrov said.

Brent LCOc1 was 89 cents lower at $55.40 a barrel by 0940 GMT. U.S. crude CLc1 was down 89 cents at $47.79 a barrel, reports Reuters.

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