Oil tumbles as Iran nuclear deal looms
Monday, 13 July 2015
Oil prices tumbled on Monday as Iran and six world powers closed in on a nuclear deal that would end sanctions on the Islamic Republic and let more Iranian oil on to world markets. News of a unanimous agreement by European leaders on a bailout loan for Athens, which should allow Greece to stay in the euro zone, helped pare early losses. Brent crude for August fell $1.89 to a low of $56.84 a barrel before rallying back to around $57.30 by 4.40 am EDT. US light crude, also known as West Texas Intermediate (WTI), was down $1.15 at $51.59 a barrel, according to Reuters.