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Oil prices fall after news of Iran nuclear deal

November 25, 2013

NEW YORK (AP) — Oil prices are heading lower after the U.S. and other world powers announced over the weekend an agreement with oil-rich Iran on its nuclear program.

While the agreement between Iran and the six world powers does not allow Iran to export more oil, it potentially could make it easier for Iran to sell the oil it is allowed to sell under the 2012 sanctions. That would increase the global oil supply and possibly push down oil prices.

Crude oil fell 75 cents, or 0.8 percent, to $94.09 a barrel.

Iran produces 2.7 million barrels of oil per day, about 3 percent of world demand. Iran was once the world’s third-largest oil exporter. But since 2012, when Western nations expanded economic sanctions against the country to include oil, its exports have dropped 60 percent to less than 1 million barrels per day.

In other energy commodities, January natural gas rose 3 cents to $3.84 per 1,000 cubic feet (28.32 cubic meters).

In other news, agricultural commodities were higher. Corn rose 2 cents to $4.313 bushel and wheat for March delivery rose 2 cents to $6.593 a bushel. Soybeans rose 9.75 cents to $13.293 a bushel.

In metals trading, December gold fell $2.90 to $1,241.20 an ounce. Silver for December delivery rose 2 cents to $19.88 an ounce. December copper rose 1 cent to $3.23 a pound.

January platinum fell $4.90 to $1,377.80 an ounce. December palladium rose $5.85 to $719.90 an ounce.

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