Oil prices fell Monday as traders worried that more Iran crude would come to the already well- supplied oil market.
The UN Security Council on Monday endorsed the newly-reached agreement between Iran and six major world powers on Iranian nuclear issues, kicking off a process to lift UN sanctions on Iran. Iran and six world major countries reached an agreement on the Iranian nuclear issue last Tuesday.
The related economic and financial sanctions will be terminated all at once under a UN resolution and in an agreed framework. Traders worried that more Iran crude would come to the already well-supplied oil market.
Oil prices lost also as U.S. dollar appreciated against other currencies as Federal Reserve Chair Janet Yellen has indicated an interest-rate hike later this year. A stronger greenback made the dollar-priced crude more expensive and less attractive for buyers holding other currencies.
The West Texas Intermediate for August delivery moved down 74 cents to settle at 50.15 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery decreased 45 cents to close at 56.65 dollars a barrel on the London ICE Future Exchange.
Latest comments