Investing.com - Oil prices rebounded in early Asian trade on Tuesday as refiners took advantage of dips overnight on a diplomatic deal that could see economic sanctions eased on Iran, allowing it to resume more robust crude and natural gas exports. On the New York Mercantile Exchange, light sweet crude futures for delivery in January traded at USD94.29 a barrel, up 0.16%. Overnight, the commodity hit a session low of USD93.13 and a high of USD94.31. Weekend talks among the U.S., Russia, China, Britain, Germany, France and Iran ended in agreement that halted advancements in Iran's nuclear program in exchange for easing economic sanctions against Tehran. Under the terms of the agreement, Iran will stop enriching uranium beyond 5%, and neutralize its stockpile of uranium enriched beyond that point. Tehran will also grant more access to its facilities to nuclear inspectors in exchange for no new sanctions for six months. Iran will also receive sanctions relief worth approximately USD7 billion in trade on oil, auto and airplane parts, gold and precious metals for six months. 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 in the past two years, and the weekend accord sent prices dropping on expectations for increased supply on the global market. World powers have accused Iran of using its nuclear program to secretly develop nuclear weapons, an assertion the country has consistently denied. Overnight on the ICE Futures Exchange, Brent crude oil for January delivery fell 5 cents to settle at USD111 a barrel, supported by worries over continued disruptions in Libyan oil shipments.

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