Oil prices fall nearly 5% on US-Iran de-escalation

Feb 2 : Oil prices fell nearly 5 per cent on Monday, heading for the steepest single-session decline in more than 6 months, after U.S. President Donald Trump said Iran was “seriously talking” with Washington, signalling de-escalation with an OPEC member.

Brent crude futures were down $3.30, or 4.8 per cent, at $66.02 per barrel at 0528 GMT. U.S. West Texas Intermediate crude fell $3.23, or nearly 5 per cent, to $61.98 per barrel.