Iran deal knocks oil prices lower, bolsters risk appetite

November 25, 2013 01:55

Oil prices fell sharply on Monday after Iran and six world powers sealed a deal curbing its nuclear program, a fillip for global economic growth and risk appetites that should benefit share markets.

The agreement, reached late Sunday, gives Iran some relief from crippling sanctions. While it will not be allowed to increase its oil sales for six months, any easing of Middle East tensions tends to lead to lower crude prices.

Brent crude oil shed $2.29 to $108.69 a barrel, its biggest daily drop in a month. US oil dived $1.09 to $93.75 a barrel.

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