Economics
Crude Oil Futures Rise as Return of Iran Supplies Seen Gradual
(Bloomberg) -- Iran and six world powers sealed a historic accord to curb the Islamic Republic’s nuclear program in return for ending sanctions, capping two years of tough diplomacy with the biggest breakthrough in relations in decades. (Source: Bloomberg)
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Oil rose on speculation that the return of sanctioned Iranian crude will be gradual following a historic accord with world powers on the country’s nuclear program.
Iran’s agreement to curb its nuclear program in return for the removal of sanctions is “the first step on an arduous path,” according to ING Bank NV. It will enable Iran to restore about 500,000 barrels a day of oil exports by mid-2016, Commerzbank AG estimates.