The early morning on Tuesday in New York crude oil futures sliding more than 2% and dropping to as low as $50.90 per barrel overnight.
The Brent crude, the international benchmark, fell nearly 2% to as low as $56.76 per barrel. The breaking news overnight was the nuclear deal agreement between Iran and many of world powerful countries. This is something the oil price monitors have been closely following to see what impact it has on the market.
As Iran agreed to scale down its nuclear program in exchange for a lifting of international sanctions, the country expects to start increasing its oil exports, adding to an already oversupplied market.
As per market source, Iranian Oil Minister Bijan Namder Zanganeb estimated Iran to supply up to 500,000 barrel a day.
