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World Oil Prices Drop on Prospect of More Iranian Production

Global oil prices dropped immediately Tuesday with the prospect of a flood of new Iranian oil on the world market after Tehran and six world powers agreed to restraints on Iran's nuclear development program. Brent crude, sold through much of the world, fell 2.3 percent, down $1.35 a barrel to $56.50. The price for U.S. benchmark oil declined 2 percent, down $1.05 to $51.15. Iranian oil exports have been crippled in the face of 2012 economic sanctions imposed by the United Nations,...

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