India, May 15 -- Crude oil prices plunged close to 3 percent on Thursday as markets speculated about the likelihood of crude oil oversupply in the event of a nuclear deal between the U.S. and Iran. Concerns about global oil demand raised by the International Energy Agency in its Oil Market Report for May also dampened market sentiment.
Both Brent and WTI crude oil benchmarks added to Wednesday's losses amidst fears that a potential nuclear deal between the U.S. and Iran could portend an easier flow of Iranian crude oil to the global markets.
The International Energy Agency in its monthly report released on Thursday said that global oil demand growth is projected to slow for the remainder of the year as economic headwinds and record EV sal...