Global oil prices fall after Iran, P5+1 reach nuclear conclusion
Oil prices have fallen in international markets after Iran reached the conclusion of its nuclear talks with the P5+1 group of world powers in the Austrian capital city, Vienna.
On Tuesday, US benchmark West Texas Intermediate for August delivery shed USD 1.05 to hit USD 51.15 a barrel compared with Monday's close, AFP reported.
Meanwhile, Brent North Sea crude for August delivery also lost 75 cents to stand at USD 57.10 a barrel in London afternoon deals.
Analysts said the conclusion of Iran's nuclear talks to be followed by an agreement which will see sanctions lifted on Iran's oil exports, will put a lid on any rise in crude futures this year and in the future.
"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.
The analyst added, "However, oil prices will also continue to be buffeted by changes in sentiments towards commodities in general, which have recently been influenced most by the gyrations in China's stock market."
Six world powers and Iran formally concluded over two years of marathon talks on Iran's nuclear program in the Austrian capital city, Vienna, on Tuesday.
The talks aimed to put an end to 13-year standoff over Iran's nuclear program, which Western countries claimed to have been diverted toward military purposes; an allegation that Iran categorically denied.
Based on the contents agreed upon by the two sides, the world powers have recognized Iran’s civilian nuclear program, including the country’s right to the complete nuclear fuel cycle. Iran and the six powers also agreed that all economic and financial sanctions against Iran will be removed through a Security Council resolution. In addition, all bans on Iran’s Central Bank, shipping, oil industry, and many other companies will be lifted and billions of Iran’s blocked revenues will be unfrozen.
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