Oil prices dip as Iran, world powers seek nuclear deal

Oil prices dipped in Asian morning trading on Monday, adding to steep losses in the previous session, as Iran and six world powers tried to reach a deal that could add oil to the market if sanctions against Tehran are lifted. Iran and six world powers tried to break an impasse in nuclear negotiations on Sunday ahead of a deadline to find a preliminary deal by Tuesday, although diplomats warned the attempt could still fall apart. International benchmark Brent crude oil futures (LCOc1) were at $56.41 a barrel at 0131 GMT, flat with its last settlement after falling five percent on Friday as the market began to price in the possibility of a deal with Iran. "Any relaxation of Iran oil sanctions could see increased exports adding to swelling global supplies and further pressuring prices," ANZ bank said on Monday.

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