Crude oil prices continue to fall on the Iran nuclear deal or boost crude supplies

Beijing time on the evening of April 1st, international crude oil prices continued to fall on Wednesday. There is speculation that if iran's nuclear talks lead to a deal, it will pave the way for an influx of Iranian crude into an already oversupplied market.
iran and six world powers have met Tuesday's deadline to resolve a dispute over Tehran's nuclear program. The two sides have come close to reaching an agreement, but have not been able to agree on key details such as lifting U.N. sanctions. But Russian Foreign Minister Sergey Lavrov said representatives of Iran's nuclear talks had reached an agreement on key issues that would be drafted within hours or a day, blooming news agency reported.
U.S. had previously warned that it was ready to abandon the talks and that Iran had reaffirmed its "nuclear rights." Officials warn that any deal could be fragile and incomplete, and negotiations appear to be in trouble.
Tchilinguirian, head of commodity market strategy and oil strategy at BNP Pariba, said: 'Whether the Iran nuclear deal is done or not, no one wants this to be the result of an influx of Iranian crude oil into an already oversupplied crude market.'
Brent crude futures for May delivery fell another 8 cents to $55.03 at 2:01 a.m. GMT after falling $1.18 on Tuesday. Crude oil prices have fallen 8 percent in the past week on expectations for the program
U.S. crude futures for May delivery fell 25 cents to $47.35 after falling $1.08 on Tuesday.
OPEC crude supplies rose to their highest level since October as Iraqi exports rebounded and Saudi Arabia's crude oil production neared record levels, according to a new Reuters poll.
two of Libya's largest oil ports, Ras Lanuf and Es Sider, will open after security checks, and the increase in Libyan crude oil demand will also make the world's crude oil market more saturated.