Oil prices fell over $1 during trade on Thursday on expectations of a potential U.S.-Iran nuclear deal, while a surprise build in U.S. crude oil inventories last week heightened investor concerns about oversupply.

President Trump indicated the U.S. was close to a deal in which Iran agrees to forgo nuclear weapons, sparking a selloff in oil prices. "You probably read today the story about Iran has sort of agreed to the terms,

Oil fell for a second day following a report Iran is willing to forgo nuclear weapons in a deal with the US in exchange for sanctions relief.