Oil prices closed lower on Thursday after global powers negotiating a deal with Iran announced they had reached solutions on key parameters of the country's nuclear program.
U.S. crude futures closed down 95 cents, or 1.9 percent, at $49.14 a barrel, after touching $48.11 earlier. Brent futures were down 3.6 percent to $55 a barrel, after hitting a session low of $54 during the press conference.
Framework measures, if implemented by Iran, would eventually result in the European Union and United States easing sanctions related to Iran's nuclear program. In an "international joint venture," Iran would cut its nuclear capacity while agreeing to monitoring and modernization of its facilities.
A final deadline for the talks was set for June 30.
Prices fell as much as 5 percent after the announcement, which capped more than week of talks in Lausanne, Switzerland between Iran and the United States, Britain, France, Germany, Russia and China.
A nuclear pact for Tehran could remove Western sanctions on the OPEC nation's oil exports, bringing millions of additional Iranian crude barrels onto a market already brimming with supply.