WTI Crude Drops After Iran Agrees to Nuclear Reductions

West Texas Intermediate crude fell after Iran agreed to curtail its nuclear program starting Jan. 20, easing some sanctions on OPEC’s fifth-biggest oil producer.

WTI declined 1 percent. Iran will allow more intrusive inspections under the accord with China, France, Germany, Russia, the U.K. and the U.S. in November, U.S. President Barack Obama said yesterday. Iran’s oil exports plunged last year as U.S. and European Union sanctions meant that banks and insurers couldn’t handle Iranian sales of the fuel. Global production is expected to increase to 91.52 million barrels a day this year, according to the U.S. Energy Information Administration.