Oil prices higher in Asian trade

Oil prices rose in Asia yesterday on easing concerns about the impact of the expected flood of Iranian supplies on the global market following the country’s historic nuclear deal, reports AFP from Singapore.
US benchmark West Texas Intermediate for August delivery rose nine cents to $53.13 and Brent crude for August climbed 12 cents to $58.63 a barrel in afternoon trade.
Oil prices initially tumbled Tuesday after negotiators from Iran and major world powers announced they had reached a deal to monitor Tehran’s nuclear programme, which the West says will curb its efforts to build a nuclear bomb.
Iran’s compliance with the terms of the agreement will lead to a lifting of crippling Western economic sanctions which have restricted its key oil exports.
But prices eventually settled higher Tuesday as investors were confident it would take time for Iran to start exporting more crude to a market already awash with supplies.

Oil prices higher in Asian trade

Oil prices rose in Asia yesterday on easing concerns about the impact of the expected flood of Iranian supplies on the global market following the countrys historic nuclear deal, reports AFP from Singapore. US benchmark West Texas Intermediate for August delivery rose nine cents to $53.13 and Brent crude for August climbed 12 cents to $58.63 a barrel in afternoon trade. Oil prices initially tumbled Tuesday after negotiators from Iran and major world powers announced they had reached a deal to monitor Tehrans nuclear programme, which the West says will curb its efforts to build a nuclear bomb. Irans compliance with the terms of the agreement will lead to a lifting of crippling Western economic sanctions which have restricted its key oil exports. But prices eventually settled higher Tuesday as investors were confident it would take time for Iran to start exporting more crude to a market already awash with supplies.