Oil prices rose, recovering losses as a deal with Iran on its nuclear programme has been reached. A deal means that sanctions on Iranian crude exports will be lifted and the country sell more crude oil on the global market. The global oil market is already oversupplied. More crude oil will lead to falling oil prices.
It is not clear how long it would take for the sanctions to be lifted.
Market participants are awaiting the release of U.S. crude oil inventories data. The American Petroleum Institute (API) is scheduled to release its U.S. oil inventories data later in the day, and U.S. oil inventories data from the U.S. Energy Information Administration is expected on Wednesday.
WTI crude oil for August delivery increased to $52.31 a barrel on the New York Mercantile Exchange.
Brent crude oil for August rose to $58.28 a barrel on ICE Futures Europe.