Oil prices edged lower on Tuesday on high hopes for a deal on Iran\u2019s nuclear program and increased Iranian crude-oil exports.<\/p>\n
Light, sweet crude for May delivery settled down 0.48% at $47.37 a barrel on the New York Mercantile Exchange.
\nBrent, the global benchmark, slid 0.14%, to $56.13 a barrel on ICE Futures Europe.<\/p>\n
Both benchmarks fell for the third straight quarter on expectations of a final deal on Iran\u2019s nuclear program in exchange for lifting international sanctions on Tehran. Market analysts say additional oil supplies from Iran would flood an already-oversupplied market and push prices even lower.<\/p>\n
Crude prices have dropped more than 50% from their mid-June high due to growing production and lackluster demand.
\nTalks between Iran and six world powers to settle a dispute around Tehran’s nuclear program extended beyond a Tuesday deadline, as the parties moved towards a deal but failed to agree to crucial details such as the lifting of UN sanctions.<\/p>\n
Efforts to reach a framework deal were scheduled to continue on Wednesday in the Swiss city of Lausanne.
\nRussian Foreign Minister Sergei Lavrov said a general agreement had been reached on all key aspects of a future deal.<\/p>\n
“If the flood gates to Iranian crude open, (prices) will probably test this year’s lows again,” Phillip Futures analyst Daniel Ang told Reuters.<\/p>\n
Iran’s oil production is expected to rise by around 500,000 barrels per day within six months if sanctions are removed, and by a further 700,000bpd within another year.<\/p>\n
Source: Sputnik News<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil prices edged lower on Tuesday on high hopes for a deal on Iran\u2019s nuclear program and increased Iranian crude-oil exports. Light, sweet crude for May delivery settled down 0.48% at $47.37 a barrel on the New York Mercantile Exchange. Brent, the global benchmark, slid 0.14%, to $56.13 a barrel on ICE Futures Europe. Both … Continue reading “Oil sinks on hopes of Iran deal”<\/span><\/a><\/p>\n","protected":false},"author":2961,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,123],"tags":[144,10540,2702,174,175,1479,66],"class_list":["post-18317","post","type-post","status-publish","format-standard","hentry","category-news","category-world","tag-china","tag-crude","tag-energy","tag-iran","tag-nuclear","tag-oil","tag-russia"],"cc_featured_image_caption":{"caption_text":false,"source_text":false,"source_url":false},"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/praag.org\/index.php?rest_route=\/wp\/v2\/posts\/18317","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/praag.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/praag.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/praag.org\/index.php?rest_route=\/wp\/v2\/users\/2961"}],"replies":[{"embeddable":true,"href":"https:\/\/praag.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=18317"}],"version-history":[{"count":1,"href":"https:\/\/praag.org\/index.php?rest_route=\/wp\/v2\/posts\/18317\/revisions"}],"predecessor-version":[{"id":18318,"href":"https:\/\/praag.org\/index.php?rest_route=\/wp\/v2\/posts\/18317\/revisions\/18318"}],"wp:attachment":[{"href":"https:\/\/praag.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=18317"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/praag.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=18317"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/praag.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=18317"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}