Oil prices down over 1% on Iran nuclear deal

Brent crude oil prices were trading at $56.86 a barrel, down 1.71% after Iran and six other countries closed the nuclear deal on Tuesday. On the Nymex, crude oil was trading at $51.16 a barrel, down 1.99% from previous day's closing. 

The IAEA said that they have signed roadmap with Iran to clarify past and present deal. According to the new deal, sanctions imposed by the United States, European Union and United Nations would be lifted in return for Iran agreeing long-term curbs on a nuclear programme that the West has suspected was aimed at creating a nuclear bomb. 

Final talks in Vienna involved nearly three weeks of intense round-the-clock negotiations between U.S. Secretary of State John Kerry and Iran's Foreign Minister Mohammad Javad Zarif.

European stocks edged lower after a four-day rally on the news, dragged down by oil-company stocks -- oil prices were weighing on commodity stocks after Iran and six world powers agreed a landmark nuclear deal which could see sanctions on oil exports lifted.

The STOXX Europe 600 Oil & Gas EUR Price Index fell 0.8%, making it the top sectoral faller. Oil prices fell more than a dollar. 

(With Agencies)