India, April 21 -- Following the surge seen over the final two sessions of last week, the price of crude oil pulled back sharply during trading on Monday.
Crude for May delivery plunged $1.60 or 2.5 percent to $63.08 a barrel after soaring $3.35 or 5.5 percent to $64.68 last Wednesday and Thursday.
The steep drop by the price of crude oil came amid reports of progress in negotiations between the U.S. and Iran, with a third round of talks about Iran's nuclear program set for later this week.
A senior administration official told Fox News that "very good progress" had been made during the talks in Rome over the weekend.
Iranian Foreign Minister Abbas Araghchi also said in a post on X that the talks made "progress on principles and objecti...