8/16, 10:22 AM (Source: TeleTrader)
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Oil prices fall on prospects of higher supply

The prices of oil futures tumbled on Tuesday as investors are possibly showing hopes that the Iran nuclear deal might be reached in the near future. Should the agreement be closed successfully, certain sanctions against Iran would most likely be lifted, which could lead to higher oil output.

Earlier, the European Union confirmed that it has received Iran's response to the block's offer and is currently in the process of studying it.

West Texas Intermediate (WTI) for settlements in September dropped 1.64% and sold for $88.00 per barrel at 4:11 am ET, while Brent for deliveries in October declined 1.79%, selling for $93.35 per barrel a minute later.

Baha Breaking News (BBN) / AY