After a preliminary pact between Iran and global powers on Tehran’s nuclear programme, the prices of Brent oil fell nearly 4%.

The officials set the further talks in June and the analysts questioned when the OPEC member will be allowed to export more crude.

“If nothing is going to be signed until June, something could go wrong between now and then,” said Phil Flynn, analyst at Price Futures Group in Chicago.

Dominick Chirichella the senior partner at the Energy Management Institute in New York  said,”I think the market over reacted and is now sitting back a little to think there is a lot more work to be done”.