Investing.com - U.S. and Brent oil futures tumbled on Monday, after Western powers reached a historic deal with Iran over its nuclear program over the weekend. On the New York Mercantile Exchange, light sweet crude futures for delivery in January traded at USD93.48 a barrel during European morning trade, down 1.45%. New York-traded oil futures fell to a session low of USD93.30 a barrel earlier. The January contract settled 0.63% lower on Friday to end at USD94.84 a barrel. Oil futures were likely to find support at USD92.51 a barrel, the low from November 14 and resistance at USD95.56 a barrel, the high from November 22. Meanwhile, on the ICE Futures Exchange in London, Brent oil futures for January delivery plunged 2.05% to trade at USD108.77 a barrel. London-traded Brent prices fell to a daily low of USD108.06 a barrel earlier. The spread between the Brent and U.S. crude contracts stood at USD15.29 a barrel. Talks among the U.S., Russia, China, Britain, Germany, France and Iran ended in agreement on a "first step deal� that is meant to limit advancements in Iran's nuclear program in exchange for easing economic sanctions against Tehran. The deal was expected to pave the way for more oil to reach the global market. Trade sanctions slapped on Iran due to its alleged nuclear ambitions have taken out more than 1 million barrels of oil per day from the global market over the past two years.

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