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Nuclear deal sends oil price to new low

Iran and six international superpowers have reached an accord for Iran's nuclear program. As a result, the oil price is dropping.

Photo: Vahid Salemi/AP/POLFOTO

Shortly after Iranian diplomats announced to news agencies that an accord was reached with the western negotiators for the country's nuclear program, the oil price is dropping.

Right now, futures on a barrel of the US benchmark oil Western Texas Intermediate (WTI) cost only USD 58.98, which is a drop of 50 cents since Tuesday morning. A barrel was traded for USD 52.4 Monday. The current price is the lowest in more than three months.

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