Oil prices have extended losses on hopes of new talks between the United States and Iran aimed at ending the Middle East conflict, according to AFP.
Crude futures, already down about four per cent earlier on the diplomatic prospects, dropped further as the trading day went on.
The main international contract, Brent North Sea crude, has shed 6.1pc to $106.54 a barrel, while the US benchmark West Texas Intermediate is down 6.3pc to $97.56.
