Potential Agreement with Iran on a Nuclear Deal Sends Oil Tumbling

Reuters announced that the price of oil on the Brent exchange dropped $1.89 Monday morning on the news that an agreement with Iran on a nuclear deal to end sanctions is eminent. However, European leaders agreed on a bailout loan for Greece, which reduced early loses. August Brent fell to $56.84 and rallied to $57.70 on the news from Athens. U.S. West Texas Intermediate was down 60 cents to $52.14 per barrel. When sanctions are lifted, "The chance of Iran adding to a global oil surplus at a time of weak demand led some analysts to forecast more oil prices falls."