Oil prices last week!

Oil prices dive below $53 Dollars a Barrel!! 

Iran is nearing an historic nuclear deal with the West -- and that's scaring the oil markets.

Oil prices plunged nearly 8% and broke below $53 a barrel on Monday, the deepest plunge for crude oil since early February.

For now all eyes are on Iran, which has the fourth biggest oil reserves in the world. 

A big part of the nuclear deal is that the West will lift sanctions on Iran, allowing it to increase its oil exports and sending prices down even further.

The over supply of oil -                                  (http://money.cnn.com/2015/07/01/investing/iran-oil/index.html?iid=EL)

That's one reason why oil plummeted to $52.53 a barrel on Monday -- its lowest price since mid-April.

Shell told CNN the execs discussed "potential areas of business cooperation should sanctions be lifted."

Big Oil is getting excited about the prospect of doing business with Iran, which has roughly as much proven oil reserves as Iraq, and nearly as much as Canada.

But harsh global sanctions against Iran -- imposed over concerns about Iran's nuclear program -- have isolated the country for decades, crippled the economy and kept oil companies out!

Posted by Vickispot-Vcash  http://www.Vickispotvcashadelaide.blogspot.com