Oil prices continued to decline today after a sharp drop the previous day, traders are following the progress of negotiations on Iran’s nuclear program and expect an increase in global oil supplies.

The cost of April futures for Brent crude oil on the London-based ICE Futures exchange by 8:13 Moscow time was $92.41 per barrel, down $0.56 (0.6%) from the previous session’s closing price. At the end of trading on Thursday, these contracts fell in price by $1.84 (1.9%) – to $92.97 per barrel.

The price of WTI crude oil futures for March at the electronic trading of the New York Mercantile Exchange (NYMEX) amounted to $91.05 per barrel by this time, which is $0.71 (0.77%) below the final value of the previous session. On Thursday, the value of these contracts decreased by $1.9 (2%) to $91.76 per barrel.

In addition to Iran, the attention of market participants is directed to eastern Ukraine, where observers of the OSCE Special Monitoring Mission in its daily report recorded an increase in the number of ceasefire violations by the parties to the conflict in Donbass.

Meanwhile, EU diplomatic chief Josep Borrell on the eve expressed hope for a peaceful resolution of the situation despite the complicated military situation on the line of demarcation in eastern Ukraine.

“We still believe in the diplomatic process and will focus all our efforts on diplomatic activities,” Borrel said, adding that the EU “has already prepared a full package of sanctions.”