Oil falls more than 3% amid progess in nuclear talks with Iran

London

OIL prices fell more than 3 per cent on Thursday as officials from the big global powers stayed locked in nuclear talks with Iran that, if successful, could allow the Islamic state to release more crude oil onto world markets.

Negotiations on Tehran's disputed nuclear programme have stretched well beyond a self-imposed March 31 deadline, with diplomats saying the chances of a preliminary accord in the next few hours are finely balanced.

Tehran is hoping for a deal that will end crippling economic sanctions and allow it to sell millions of barrels of oil, some of i…