Oil Fell Below $50 per Barrel

On Monday the price of West Texas Intermediate fell below $50 per barrel for the first time since early April. Oil prices fell last week on news of the Iranian agreement. Prices rallied slightly and WTI closed at $50.50 on Monday, just six dollars above the record low of $44 in March. The deal with several world powers will lift economic sanctions and boost Iranian oil exports. Analysts are concerned about a flood of new exports later in the year, which will enter in an already oversupplied market.