Off the wire
• Albania drafts new law on tourism to increase revenues  • Chicago agricultural commodities futures market closes lower  • Roundup: British PM unveils new plan to tackle extremism  • U.S. dollar rises on rate-hike expectation  • Roundup: U.S. stocks end slightly higher amid upbeat earnings  • Bridge linking Denmark, Sweden sets traffic record  • 3rd LD Writethru: Cuba reopens embassy in U.S. as diplomatic ties restored  • Israeli scientists decipher 1,500-year-old biblical scroll  • 1st LD Writethru: U.S. stocks end slightly higher amid upbeat earnings  • Two World War II bombs defused in Bavaria  
You are here: 　 Home

1st LD Writethru: Oil prices drop amid ample supplies

Xinhua, July 21, 2015 Adjust font size:

Oil prices fell Monday as traders worried that more Iran crude would come to the already well- supplied oil market.

The UN Security Council on Monday endorsed the newly-reached agreement between Iran and six major world powers on Iranian nuclear issues, kicking off a process to lift UN sanctions on Iran.

Iran and six world major countries reached an agreement on the Iranian nuclear issue last Tuesday. The related economic and financial sanctions will be terminated all at once under a UN resolution and in an agreed framework.

Traders worried that more Iran crude would come to the already well-supplied oil market.

Oil prices lost also as U.S. dollar appreciated against other currencies as Federal Reserve Chair Janet Yellen has indicated an interest-rate hike later this year.

A stronger greenback made the dollar-priced crude more expensive and less attractive for buyers holding other currencies.

The West Texas Intermediate for August delivery moved down 74 cents to settle at 50.15 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery decreased 45 cents to close at 56.65 dollars a barrel on the London ICE Future Exchange. Endite