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Oil prices drop on Iran deal

English.news.cn   2014-01-14 06:23:02            

NEW YORK, Jan. 13 (Xinhua) -- Oil prices fell Monday on the possibility of increasing crude exports from Iran as the country agreed to curtail its nuclear program.

An agreement was finalized between the P5+1 and Iran on ways to implement the first-step Geneva agreement on Tehran's nuclear program, after a two-day meeting which concluded on Jan. 10.

In November 2013, the P5+1 group, namely the United States, Britain, France, Russia, China plus Germany, and Iran reached an interim deal in Geneva whereby Iran would freeze part of its nuclear program in exchange for limited ease of sanctions.

One senior official said the P5+1 and Iran would start to implement the first step from Jan. 20, 2014. The latest agreement laid the ground for carrying out the deal.

Traders worried that the agreement would allow more Iranian oil come to the already well-supplied market.

U.S. unemployment rate fell from 7 in November to 6.7 percent, but added only 74,000 jobs in December, the smallest number in three years, the Labor Department reported last Friday.

The job growth was much weaker than economists' expectation of 200,000 new jobs. Market regarded it as a discouraging news for crude market as U.S. is an important oil consumer of the world.

Light, sweet crude for February delivery moved down 92 cents to settle at 91.8 U.S. dollars a barrel on the New York Mercantile Exchange,while Brent crude for February delivery lost 50 cents to close at 106.75 dollars a barrel.   

Editor: Luan
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