Oil price falls as Iran nuclear framework reached
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.
Traders have been following the marathon negotiations closely. Shortly before the New York market closed, the world powers and Iran said that Tehran has agreed to curtail its nuclear program in return for the lifting of US and European Union nuclear-related sanctions that have harmed its economy.
Lifting sanctions could open up the flow of Iranian crude to an oversupplied global market. The glut has pushed crude prices more than 50 percent lower since last June.
The outline of the deal marked a major breakthrough in a 12-year standoff between Iran and the West, which has long feared Tehran wants to build a nuclear bomb. Iran has insisted the nuclear program is for peaceful purposes.
- 1, 2, 3… Firdous Ashiq Awan shows her martial arts skills!04:37 PM | 5 Dec, 2020
- NAB presents ‘Corona-positive’ patient in court01:55 PM | 5 Dec, 2020
- Tecno and M&P celebrate 1 billion sales record01:40 PM | 5 Dec, 2020
- Airplane disappears in snow cloud seconds after landing (Video)12:52 PM | 5 Dec, 2020
- Pakistan Naval Chief visits Turkish Naval Shipyards12:52 PM | 5 Dec, 2020
- Court trashes Mubashir Lucman’s petition against TikTok stars ...12:11 PM | 4 Dec, 2020
- Who's this girl Shahveer Jafry 'getting engaged to'?11:55 PM | 3 Dec, 2020
- Aseefa Bhutto's 'great debut' reminds Pakistan of Benazir08:46 PM | 3 Dec, 2020
- Three games run better on Xbox Series X compared to PS509:56 AM | 26 Nov, 2020
- Celebs turning 60 in 202007:48 PM | 24 Nov, 2020
- 10 Richest Actresses of All Time09:20 PM | 23 Nov, 2020
- Karachi among 10 cheapest cities to live in 202006:12 PM | 19 Nov, 2020