Oil prices tumble after Iran nuclear deal

Oil prices fell on Tuesday after a deal was finally reached by six world powers and Iran to curb the nation’s disputed nuclear programme.

US light crude was down more than two per cent in New York at $51 a barrel, while Brent crude was trading down at $57 a barrel.

The deal struck in Vienna will place strict limits on Iran’s nuclear ambitions in return for lifting international sanctions that had halved the nation’s oil exports.

Analysts say the rush of Iranian oil onto international markets that are already awash with crude will likely depress prices that have already halved from their peaks last year.

The country could boost shipments by half a million barrels a day immediately and by the same amount again within six months.

Meanwhile, copper was also sharply lower as investors awaited GDP data from China on Wednesday that’s expected to provide more evidence of a slowdown in the world’s second largest economy.

Copper for September delivery sank more than one per cent in New York, while gold and silver prices were also lower.