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Author
The Associated Press
Date
January 13, 2014

Oil slumps on Iran deal; beans and grains rise

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.

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