Oil is trading lower for a third day as talks between western diplomats and officials from Iran are close to today's deadline. If the talks will reach an agreement over Iran's atomic program could result in an end of the embargo which would add to the global supply glut.

Today market participants will also closely watch data on API Crude Oil Inventories. Last week's inventories were reported at all-time highs.

Brent Crude lost -1.56% currently trading at USD55.41 a barrel. On January 13th Crude set a low at USD45.19. West Texas Intermediate dropped -1.75% currently quoted at USD47.83.

Oil prices declined sharply in recent months as worldwide supply exceeds demand in a period of low global economic growth, pushing stockpiles to record highs and weighing on prices.