REUTERS
Crude oil prices keep declining in trading on Monday, July 20, against a backdrop of a stronger dollar and market participants’ concern that the market oversupply will persist after removal of sanctions against Iran, Reuters reported.
Since the beginning of trade Brent futures were trading 0.16% lower at $57.01 per barrel, WTI futures were down by 0.33% to $50.72 per barrel, according to Reuters.
U.S. dollar rises against foreign currencies on expectations that the Federal Reserve will raise interest rates in coming months.
As reported earlier, Iran and six world powers reached a historic agreement with Iran on July 14 to limit its nuclear program in exchange for lifting sanctions against the country and providing access to the energy market.