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Crude oil falls below $92 a barrel on Iran deal

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The price of oil fell below $92 a barrel Monday as Libyan production continued to ramp up and the possibility of increased crude exports from Iran raised the prospects of excess supply on global markets.

Benchmark U.S. oil for February delivery was down 92 cents to close at $91.80 in New York. Brent crude, used to set prices for international varieties of crude used by many U.S. refineries, was down 50 cents to $106.75 a barrel in London.

Iran and six world powers announced a plan Sunday to implement a six-month interim agreement on the Islamic Republic’s nuclear program. Some economic sanctions against Iran will be eased while Tehran has agreed to limit its uranium enrichment and allow international inspectors access to its nuclear facilities.

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