Oil falls after Iran agrees to curb some nuclear activities in exchange for eased international sanctions

25-Nov-13

Brent crude fell by over two dollars to US$108.6 per barrel, while US light sweet crude fell by less than a dollar to US$93.6 per barrel. Oil prices have fallen after Iran agreed on a deal to curb some of its nuclear activities in return for easing of international sanctions against it. Iran holds the world's fourth-largest oil reserves but its exports have been hurt by the tough sanctions. Though Iran will not be allowed to increase its oil sales for six months, the deal has eased tensions in the Middle East. While the deal has raised hopes of a long-term agreement that may allow Iran to eventually increase its oil sales, some analysts said that oil prices were unlikely to see further declines.