oil prices drop on iran deal
Last Updated : GMT 09:03:51
Almaghrib Today, almaghrib today
Almaghrib Today, almaghrib today
Last Updated : GMT 09:03:51
Almaghrib Today, almaghrib today

Oil prices drop on Iran deal

Almaghrib Today, almaghrib today

Almaghrib Today, almaghrib today Oil prices drop on Iran deal

Oil prices drop
London - AFP

Oil prices fell Tuesday as Iran's deal with world powers aimed at ensuring Tehran does not obtain a nuclear bomb was set to see crude added to an already oversupplied market.

Analysts said the landmark agreement that will see sanctions lifted on Iran's oil exports would put a lid on any rise in crude futures this year and in the future.

On Tuesday, Brent North Sea crude for delivery in August shed 75 cents to stand at $57.10 a barrel in London afternoon deals.

US benchmark West Texas Intermediate for August dropped $1.05 to $51.15 compared with Monday's close.

"To be clear, the return of Iranian oil exports over the next year is one factor likely to keep oil prices low," said Thomas Pugh, commodities economist at consultants Capital Economics.

"However, oil prices will also continue to be buffeted by changes in sentiment towards commodities in general, which have recently been influenced most by the gyrations in China's stock market," he added.

The nuclear accord is aimed at ending a 13-year standoff over Iran's nuclear ambitions after repeated diplomatic failures and threats of military action.

The deal puts strict limits on Iran's nuclear activities for at least a decade and calls for stringent UN oversight, with world powers hoping that this will make any dash to make an atomic bomb virtually impossible.

In return, painful international sanctions that have slashed the oil exports of OPEC's fifth-largest producer by a quarter and choked its economy will be lifted and billions of dollars in frozen assets unblocked.

- Lid on prices -

Tuesday's drop in oil prices extended losses recorded a day earlier, in response "to the nuclear agreement... between the world powers and Iran", said analysts at Commerzbank in a note to clients.

"If sanctions are eased, additional oil from Iran could reach the already oversupplied market," they added.

Ahead, "the extent of the impact on oil prices will depend primarily on the domestic capability to get oil on the market", said Nina Skero, economist at the Centre for Economics and Business Research.

"We expect Brent crude to recover somewhat from the price drop which followed today’s deal announcement and trade around $60 per barrel for the remainder of the year," she added.

World oil prices collapsed by 60 percent between June 2014 and January, hitting a low of $45. This in part was due to excessive supplies caused by the boom in US shale oil.

While OPEC on Monday revised upward its forecast for global crude oil demand growth for this year, it warned that crude output would also continue to increase.

Iran's OPEC peers Saudi Arabia and Iraq "have both significantly ramped up production this year", noted Richard Mallinson, analyst at research group Energy Aspects.

"There is little chance that these countries, and other OPEC members, are going to reduce output to make space for a return of Iranian production," he told AFP.

"While the actual increase from Iran will only start next year, expect to see significant competition between sellers for market share, particularly in Asia."

almaghribtoday
almaghribtoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

oil prices drop on iran deal oil prices drop on iran deal

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

oil prices drop on iran deal oil prices drop on iran deal

 



Almaghrib Today, almaghrib today Skincare PR Performance Full Year 2017

GMT 09:22 2018 Monday ,22 January

Skincare PR Performance Full Year 2017
Almaghrib Today, almaghrib today New hunt for flight MH370 gets under way

GMT 11:03 2018 Wednesday ,24 January

New hunt for flight MH370 gets under way
Almaghrib Today, almaghrib today Modern colorful bedroom renovation

GMT 10:57 2017 Thursday ,21 December

Modern colorful bedroom renovation
Almaghrib Today, almaghrib today Puigdemont candidate for Catalan president

GMT 13:56 2018 Tuesday ,23 January

Puigdemont candidate for Catalan president
Almaghrib Today, almaghrib today Turkey detains dozens more

GMT 10:47 2018 Wednesday ,24 January

Turkey detains dozens more

GMT 11:49 2016 Saturday ,17 December

Reus off as Dortmund hold Hoffenheim

GMT 15:52 2018 Sunday ,07 January

Aguero lifts City in FA Cup, Hughes' Stoke crash

GMT 09:10 2012 Tuesday ,03 January

Opposition paper shut down again in Sudan

GMT 22:12 2011 Tuesday ,18 October

Moody\'s warns France\'s credit at risk

GMT 06:10 2012 Monday ,03 September

Ancient supervolcano in Hong Kong surveyed

GMT 23:12 2016 Wednesday ,22 June

In Cairo, heat and long days test Ramadan faithful

GMT 20:33 2012 Saturday ,22 September

Al Jaish beat Lekhwiya in Qatar Stars League

GMT 05:17 2012 Tuesday ,19 June

Al Shaqab lift Bin Ghalib Trophy

GMT 21:14 2017 Wednesday ,25 January

Aoun confirms relation with KSA, Qatar back to normal

GMT 22:29 2013 Tuesday ,02 April

US stocks post gains

GMT 20:47 2016 Friday ,15 July

Saudi Arabia condemns suicide act in Nice

GMT 22:12 2017 Wednesday ,01 February

El Hadary takes Egypt into Cup of Nations final
Almaghrib Today, almaghrib today
 
 Almaghrib Today Facebook,almaghrib today facebook  Almaghrib Today Twitter,almaghrib today twitter Almaghrib Today Rss,almaghrib today rss  Almaghrib Today Youtube,almaghrib today youtube  Almaghrib Today Youtube,almaghrib today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

.almaghribtoday .almaghribtoday .almaghribtoday .almaghribtoday
almaghribtoday almaghribtoday almaghribtoday
almaghribtoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
almaghribtoday, Almaghribtoday, Almaghribtoday