Oil Is Falling

Brent crude was down more than -1.4% to about $US103.70/barrel on reports a deal addressing Iran’s nuclear ambitions is in sight.

The AP’s George Jahn and John Heiprin write six world powers have accepted Iran’s pitch to curb some nuclear production in exchange for partial relief of sanctions. More details were expected to be released Friday.

Meanwhile, OPEC released its annual World Oil Outlook today and projected prices to remain at an average of $US110 through 2020 thanks in part to gains in North American production, but then climb to $US160 by 2035.

WTI was off -0.95% to $US93.90.

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