Saturday 4 April 2015

Oil drops on bets Iran pact may lead to greater supplies


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Oil futures settled sharply lower on Thursday with traders betting that a preliminary deal on Iran’s nuclear program will only add to excess supplies that have been weighing on prices.

Ahead of Friday’s holiday for the energy markets, May crude CLK5, -1.12%  fell 95 cents, or 1.9%, to settle at $49.14 a barrel on the New York Mercantile Exchange. Prices, which tapped an intraday low of $48.11 on Thursday, settled about 0.6% higher than last Friday’s close.

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