WASHINGTON (Alliance News) - Crude oil prices were lower Monday morning, falling further below USD50 a barrel on renewed hopes of a nuclear deal with Iran.
Sanctions against Iranian oil may be lifted if Tehran can reach an agreement with the West on long-anticipated inspections. The deadline for such a deal is supposedly Tuesday.
Tensions in the Middle East revolving around the chaos in Yemen persist, but a massive glut of US inventories have help cause last week's rally to peter out.
Crude oil was down USD1 at USD47.86 a barrel on the New York Mercantile Exchange, edging back toward a recent 6-year low near USD44.
In economic news, Eurozone economic sentiment rose for the fourth successive month to its highest level in nearly four years.
