Iran and the 5+1 have gone past the Tuesday midnight deadline they had set for themselves to reach a consensus on the general framework of an nuclear agreement, and some reports indicate the intense negotiations may stretch as far as Friday.

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The Chinese and French foreign minsters have returned to their respective capitals but their deputies are present in Lausanne.

The Iranian delegates have been seen working on a draft of an agreement.

Reporters have not received any official announcement regarding the negotiations.

Following the announcement that the parties had agreed to allow more time for negotiations, the price of oil recovered slightly in the markets with Brent Oil trading $1.50 higher.