Brent Declines as Libya Oil Recovers, Iran Deal to Take Effect

Brent crude declined as Libyan supplies recovered and Iran agreed to start curtailing its nuclear program on Jan. 20 under a deal that will ease some sanctions on OPEC’s fifth-biggest member.

Iran will allow more intrusive inspections under the accord reached with world powers in November, U.S. President Barack Obama said yesterday. In return, Iran will benefit from partial sanctions relief, valued by the U.S. at about $7 billion over six months. Libya has restored output to almost 600,000 barrels a day, according to state-run National Oil Corp. The North Sea’s Buzzard field resumed output after a halt, its operator said.