Oil prices are poised to fall further as Iran deal looms

It’s just a matter of time before sanctions on Iran are lifted. And when they are lifted, oil is likely to tumble further as the Persian Gulf country boosts production and battles swing-producer Saudi Arabia for market share.

Crude-oil for August delivery CLQ5, -0.54%  has been walloped with a 12% fall so far in July on the New York Mercantile Exchange. Prices dipped below $51 a barrel on Tuesday, before paring much of their losses.

August Brent crude traded on the ICE Futures exchange LCOQ5, -0.42%  has seen a month-to-date loss of 9.4% and finished at $56.85 a barrel on Tuesday.

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