Oil prices fall after news of Iran nuclear deal

AP News
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Posted: Nov 25, 2013 4:06 PM

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. Wholesale gasoline also fell noticeably, down 3.75 cents, or 1.4 percent to $2.67 a gallon.

In other commodities, gold prices edged lower while silver prices rose. The price of wheat, corn and soybeans also rose.