By Barani Krishnan

Investing.com – Oil prices fell like a brick in Wednesday’s post-settlement trade as talks of progress in Iran’s nuclear talks with Western powers raised the specter of a million barrels or more of supply hitting the market at a time of continued inaction by OPEC+ to moderate the runaway rally in crude.

“We are closer than ever to an agreement,” Iran’s top nuclear negotiator, Ali Bagheri Kani, tweeted after weeks of intensive talks between delegates from Tehran and the five permanent members of the U.N. Security — i.e. United States, Britain, China, Russia, France — along with Germany.

Kani stated in his tweet, “Nothing is agreed until all is agreed to.” 

But oil traders had run ahead of him, sending crude, which settled Wednesday’s trading up almost 2%, diving in after hours trade.

At 4:10 PM ET (21.10 GMT), New York’s benchmark crude oil price, New York-traded, had fallen 1.6% to $90.57. WTI was settled at $93.66 earlier.

The global benchmark oil price was $91.73, but London-traded was $1.55 lower, or 1.7%. Brent ended the day’s regular trading session with a settlement of $94.81.