Oil Falls After Iranian Nuclear Deal Is Reached
Oil prices fell Thursday after a deal was reached with Iran over its nuclear program.
Iran agreed that at least two-thirds of its current enrichment supply capacity will be suspended and then monitored for 10 years, according to Reuters.
Following the announcement, the United States Oil Fund LP (ETF) (NYSE: USO) fell and recently traded at $17.18, down 2.33 percent.
Amid the news, the German Foreign Office tweeted:
— GermanForeignOffice (@GermanyDiplo) April 2, 2015
WTI crude oil was down 2.26 percent Thursday to $48.96 per barrel while Brent crude fell 3.5 percent to $55.10 per barrel.
Amid the diplomatic news, Baker Hughes Incorporated (NYSE: BHI) also reported that its rig count fell by 11 last week, which was the 17th week in a row of declines for the industry, according to CNBC.
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