Oil drops to $55 as Iran nuclear talks intensify

Brent crude oil dropped towards $55 a barrel on Tuesday as Iran and six world powers entered a final day of talks over a nuclear deal that could see the energy-rich country increase oil exports to world markets. With a self-imposed deadline set for the end of the day, the United States, Britain, France, Germany, Russia and China ramped up the pace of negotiations with Iran in Switzerland over an outline deal on Tehran's nuclear programme. Disagreements on enrichment research and the pace of lifting sanctions remained as hurdles that could scupper a deal to end a 12-year standoff between Iran and the West. Russian Foreign Minister Sergei Lavrov told reporters in Moscow he believed the talks had a good chance of success.

via Business News http://ift.tt/1acKJ8P