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Oil Prices Fall as Iran Nuclear Deal Seems Likely

Oil prices fell on Monday as Iran and six world powers were close to nailing down a nuclear deal, but high Chinese crude import figures prevented prices from tumbling further.
 The potential of Iran soon adding to global oil oversupply and the demand side weakening over China and Europe led several analysts to say that crude would fall further.
 Iran and six world powers were on the brink of finding a nuclear deal that would bring sanctions relief in exchange for curbs on Tehran’s nuclear program.
 Front-month Brent crude futures fell around a dollar to $57.74 a barrel on the back of an expectation that a deal with Iran would lead to an easing of sanctions against Tehran and to higher crude exports.
 Chinese customs data showing that its crude imports in the first half of the year were up 7.5 percent compared with the same time in 2014 prevented prices from falling further despite analysts saying this was more down to stockpiling of strategic reserves than a real rise in demand.