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 that then monitored for 10 years, according to Reuters.

Following the announcement, the United States Oil Fund LP (ETF) USO fell and recently traded at $17.18, down 2.33 percent.

Amid the news, the German Foreign Office tweeted:

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 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.