Crude-oil prices fell Thursday after six world powers and Iran announced they had agreed on a framework to curb Iran’s nuclear drive.
The US benchmark, West Texas Intermediate (WTI) for May delivery, shed 95 cents to close at $49.14 a barrel on the New York Mercantile Exchange.
Brent North Sea crude for delivery in May, the global benchmark futures contract, slumped to $54.98 in late London trade, a sharp decline of $2.12 from Wednesday’s closing level.
The market has been following the marathon negotiations closely, estimating that an agreement could lift sanctions against Iran, allowing the return of Iranian crude to an oversupplied global market.
Shortly before the New York market closed, the world powers and Iran said that Tehran has agreed to curtail its nuclear program in return for the lifting of sanctions that have harmed its economy.
At the beginning of the press conference in Lausanne, Switzerland, the price of WTI, which had been trading lower since the market opened, fell to $48.11 a barrel before paring its losses.
The countries announced the drafting of a full agreement would begin immediately, with a June 30 deadline for completion.
Sanctions would be lifted upon Iran’s fulfillment of the terms of the deal, aimed at preventing Tehran from developing nuclear weapons.
“If Iran cheats, the world will know it,” US President Barack Obama said, adding that the deal reached was based not on trust but on “unprecedented verification.”
Progressive reformer claims victory in fiercely-contested Queens DA race
Progressive reformer Tiffany Cabán has declared victory in her campaign versus Melinda Katz in the Queens District Attorney race.
With 99% of precincts reporting, Cabán held a lead of 1,090 votes, The New York Times reports.
Cabán was backed by Rep. Alexandria Ocasio-Cortez (D-NY) and Sen. Bernie Sanders (I-VT).
Katz was backed by Rep. Gregory Meeks (D-NY), who chairs the Queens Democratic Party, and Rep. Hakeem Jeffries (D-NY)
New 2020 poll shows Trump trailing all Democrats — some by double-digits
President Donald Trump trails all of his Democratic rivals in hypothetical matchups of the 2020 presidential race, according to the result of a new poll released Tuesday.
The survey, conducted by Emerson Polling, found that the president lags behind former vice president Joe Biden and Sen. Bernie Sanders, I-Vt., by 10 points nationally — 45 percent to 55 percent. He also trails Sen. Elizabeth Warren by six points — 47 percent to 53 percent —and Sen. Kamala Harris, D-Calif., and South Bend, Ind. Mayor Pete Buttigieg by four points — 48 percent to 52 percent.
Beto O’Rourke’s ‘war tax’ policy proposal is straight out of ‘Starship Troopers’
Amid an overcrowded Democratic presidential candidate field, it's hard to distinguish yourself from the pack if you don't slot easily into the scale that runs from "pro-corporate centrist" to "left-populist." If you're former Texas congressman Beto O'Rourke — who falls somewhere in the middle, politically, and somewhere towards the top, looks-wise — you pull a militaristic policy proposal out of your hat that recalls some of the most campy pseudo-fascist sci-fi ever written.