economy
Oil falls as International Energy Agency forecasts supply glut next year after U.S.-Iran deal
Oil declines as Mideast peace prospects rise following U.S.-Iran deal.
TL;DR
- Oil prices declined following a reported U.S.-Iran deal to end the Middle East war.
- President Trump threatened to resume attacks if Iran fails to honor the agreement.
- The International Energy Agency predicts a supply glut next year due to expected higher supply volumes.
- Despite lower prices, oil remains above pre-conflict levels, and inventories need replenishment.