Oil prices fell on Monday, extending steep losses from the previous session, as Iran and six world powers tried to reach a deal that could add oil to the market if sanctions against Tehran are lifted.
The two sides tried to break an impasse in nuclear negotiations on Sunday ahead of a deadline to find a preliminary agreement by Tuesday, exploring compromises in a number of areas.
Benchmark Brent crude futures had dropped to $56 by 0531 GMT, down 41 cents after falling 5 percent on Friday as the market began to price in the possibility of a deal with Iran. Front-month U.S. West Texas Intermediate (WTI) futures were down 77 cents to $48.10 a barrel.
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