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1st LD Writethru: Oil prices rally after Iran nuclear deal

Xinhua, July 15, 2015 Adjust font size:

Oil prices ticked up Tuesday after Iran reached a landmark nuclear agreement with the world powers.

Iran and six world major countries have adopted an agreement on the Iranian nuclear issue, European Union (EU) foreign policy chief Federica Mogherini formally announced Tuesday.

The comprehensive agreement was clinched between Iran and the P5+1 group, namely Britain, China, France, Russia and the United States plus Germany, after more than two weeks of tough bargain in Vienna, the capital city of Austria.

The deal would specify that the related UN resolutions on economic and financial sanctions will be terminated all at once under a UN resolution and in an agreed framework, Iranian media reported.

Oil prices pared early loss and rebounded as traders realized that it would take several more months for Iran crude to come to the market.

The West Texas Intermediate for August delivery moved up 84 cents to settle at 53.04 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for August delivery increased 66 cents to close at 58.51 dollars a barrel on the London ICE Future Exchange. Endite