Oil futures extended their declines in Wednesday's electronic trading session, pulling benchmark West Texas Intermediate crude prices below $80 a barrel for the first time since mid-October, after a report that said talks surrounding an Iran nuclear deal will begin later this month. Negotiations to revive the 2015 Iran nuclear deal will resume in Vienna on Nov. 29, Bloomberg reported Wednesday . The bottom line is that the talks regarding Iran and their nuclear program are "still far from settled, but the market sold off in a weakened state," said Phil Flynn, senior market analyst at The Price Futures Group. December WTI oil settled Wednesday at $80.86 a barrel and fell to $79.73 in electronic trading. "Really there's a long way to go before there's going to be any progress in these talks, so I think the selloff based off this headline is obviously overdone," said Flynn.