Oil fell on Monday following the breakthrough deal between world powers and Iran that led to expectations for an eventual increase in the OPEC nation's exports.
International benchmark Brent fell up to $3 a barrel in early trading following the weekend agreement, which halts Iran's most sensitive nuclear activity and suspends some sanctions by the United States and the European Union on several sectors of Iran's economy for an initial six-month period.
The early losses were pared on expectations an increase in oil shipments from Tehran would not be coming soon. Tough sanctions against Iran in the past two years have slashed exports from the OPEC member by more than half, keeping Brent above $100 a barrel.
reversed the day's losses to trade up 40 cents, managing to claw back above $111. U.S. oil stayed under pressure for the entire session, ending down 75 cents at $94.09
In the meantime, Iran is deploying more vessels to help store oil at sea and to enable it to conclude discreet sales by transferring cargoes to customers' ships in mid-ocean without having to enter port, trade sources familiar with the matter said.
For more information on commodities prices, please click here.