Oil declines amid geopolitical progress

Source: WBP Online
© Scanpix/Reuters
Oil futures fell sharply on Monday, as a deal between Iran and the West could be signed in the next few days and no bailout plan has been signed between Greece and its creditors. New York-traded Crude oil traded 2.5% lower to $51.44 a barrel, while the London-traded Brent Crude lost 2.7% to $57.39 a barrel by 6:50 AM GMT. Analysts estimate that Iran could add 200,000 barrels a day to a surplus of approximately 2.5 million barrels a day. 
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