Oil prices edge lower amid concerns over Iran nuclear deal


Oil prices went down up to one percent on Wednesday amid concerns over the Iran nuclear deal.

At 1315 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, was trading at $68.16 a barrel after shedding 0.71 percent. Likewise, the US WTI crude futuresshed 1.01 percent to reach $65.40 a barrel.

The price for Opec Basket was recorded at $66.93 a barrel with 2.51 percent increase, Arab Light was available at $68.51 a barrel with 0.13 percent increase while price of Russian Sokol increased 0.28 percent to reach $69.01 a barrel.

According to experts, indirect negotiations between the United States and Iran are due to resume in Vienna this week.

Talks were given another life after Tehran and the UN nuclear agency extended a monitoring agreement on the Middle Eastern country’s atomic programme.

Worries that Iran is soon going to start selling oil if an agreement results in the lifting of UN and other sanctions on crude exports also pulled down prices earlier but talks have not been conclusive so far. —TLTP

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