On Thursday, Crude oil prices have declined from the highs touched amid hopes of a nuclear deal between the US and Iran.

Brent crude was trading around $112 per barrel after hitting $119.84 on Thursday, the highest level since 2013. It later closed at $110.46 per barrel.

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In the morning trade, oil prices, however, increased from their closing levels of Thursday.

Rahul Kalantri, VP Commodities, Mehta Equities Ltd, said, “Crude oil showed profit taking at higher levels on signs that high-stakes talk about reviving a nuclear deal of the United States with Iran may conclude soon. If the deal happens, then Iranian oil will return to the international markets and could cap gains.”