Oil slumps on Iran deal; beans and grains rise January 14, 2014
The Associated Press
The price of crude oil is close to an eight-month low as traders worry about ramped-up exports from Iran and Libya adding to a global supply glut.
Oil for February delivery fell 92 cents to close at $91.80 in New York Monday, the nearly the lowest since May.
Some economic sanctions against Iran could be eased after a plan announced Sunday to implement an agreement to allow inspectors to monitor the country's nuclear program.
A rebound in Libyan production is also pushing oil prices lower.
In other energy futures trading, wholesale gasoline fell 3.5 cents to close at $2.634 a gallon, heating oil fell 0.8 cents to close at $2.933 a gallon and natural gas rose 22.1 cents to close at $4.274 per 1,000 cubic feet.
Gold rose $4.20, or 0.3 percent, to $1,251.10 an ounce. Silver rose 16.2 cents to $20.385 an ounce.
Platinum for April delivery rose $7 to $1,443.90 an ounce. Palladium for March fell $6.05 to $740 an ounce.
Copper for March delivery edged up half a cent to $3.35 per pound.
In March agricultural contracts, corn rise 1.75 cent to $4.345 a bushel, soybeans rose 15.75 cents to $12.9425 a bushel and wheat rose 4.5 cents to $5.735 a bushel.