Summary Global oil prices slid on Thursday as talks with Iran that could lead to lifting sanctions opened.
NEW YORK CITY (AFP) - Global oil prices slid on Thursday, with Brent hitting four-month lows, as talks with Iran that could lead to lifting sanctions opened and US growth data showed some consumer weakness.
New York's main contract, West Texas Intermediate (WTI) for December delivery, fell 60 cents to close at $94.20 a barrel.
Brent North Sea crude for December dropped to $103.46 a barrel, the lowest point since July 2, shedding $1.78 from Wednesday.
Negotiators from Iran and six world powers met Thursday to broker a deal that could see Tehran freeze its disputed nuclear program in exchange for some relief from sanctions -- including allowing it to sell more oil on the open market.
A senior State Department official said the US delegation had met with the Iranians for about an hour and had "a substantive and serious conversation".
Also impacting the market were the European Central Bank's interest rate cut, to a near-bottom 0.25 percent to battle deflationary pressures, and a US third-quarter economic growth estimate that, while strong at 2.8 percent, masked weakness in consumer spending.
The ECB rate cut sent the dollar climbing against the euro, which can hit demand for dollar-priced oil from buyers not using dollars.
"The initial reaction to an ECB rate cut and a stronger than expected US GDP report was a 0.85 percent increase in the US dollar index, signaling risk-off trade flows across a range of commodities," said Timothy Evans of Citi Futures.
