West TX Oil Drops to $51.50 on Iran

Oil prices dipped early on Tuesday as the market waited for an announcement on a nuclear deal between Iran and six global powers that could see an easing of sanctions against Tehran and a gradual increase in its oil exports.

Sources present at the talks in Vienna, Austria, said that an announcement was likely in the early hours of Tuesday.

Iran’s semi-official Fars news agency reported that a meeting would be held at 0800 GMT on Tuesday between all parties to discuss a possible final deal, which will curb the country’s nuclear work in exchange for lifting sanctions.