India, July 1 -- Oil prices were sharply lower on Wednesday despite uncertainty over the progress of U.S.-Iran peace negotiations.
Brent crude futures for September delivery fell 1.5 percent to $71.86 a barrel, while WTI crude futures for August delivery were down 1.5 percent at $68.43.
Both Brent and WTI contracts slumped more than 20 percent in June amid renewed diplomatic engagement between Washington and Tehran to end their conflict.
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