Oil price falls as Iran nuclear framework reached

Crude-oil prices fell today after six world powers and Iran announced they had agreed on a framework to curb Iran’s nuclear drive.



With the tentative deal, if confirmed, likely to allow Iran crude exports back on the markets, Brent North Sea crude for delivery in May, the global benchmark contract, slumped $2.15, settling at $54.95 a barrel in London trade.



The US benchmark, West Texas Intermediate (WTI) for May delivery, shed 95 cents to close at $49.14 a barrel on the New York Mercantile Exchange.



Iran has the world’s fourth-largest oil reserves. The OPEC member’s crude exports have fallen from more than 2.2 million barrels per day in 2011 to about 1.3 million bpd because of the US-EU sanctions.



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Posted in: Indian Market Tips