By Gina Lee

Investing.com – Oil was down Thursday morning in Asia. The oil’s black color continued its declines later in the month. This could allow for the lifting of U.S.-imposed sanctions against Iran and increase global oil supplies.

The price of $81.27 dropped 0.88% by 10:00 ET (2:00 AM GMT), and then fell to $80.02.

WTI and Brent futures both posted the largest daily percentage drops since August early, but they remained over $80. Brent futures were at the lowest point since October 7, and WTI futures at their lowest since Oct. 13.

The week ending Oct. 29 saw a higher-than-expected increase of 3.291 millions barrels. Investing.com forecasts predicted a 2.225 million barrel draw, and a 4.267 million barrel build during the week before.

Institute reported a total of 3.594million barrels on the preceding day.

Vivek Dahar, Commonwealth Bank commodities analyst said that overnight oil prices fell partly because of the increase in U.S. oil stocks.

The Iranian announcement by the U.S. that it will be resuming talks with Iran on the renewal of a nuclear agreement was the main driver for the drop in oil prices.

On Nov. 29, Iran and six other countries will resume talks in an effort to revive the 2015 Iran nuclear agreement. Iran is demanding the U.S. to lift its sanctions restricting oil exports.

OPEC+ and the Organization of the Petroleum Exporting Countries (or OPEC) will be meeting later that day. Although there are increasing calls to accelerate, the cartel appears to be sticking to its steady monthly supply growth plan.