Crude oil at $111, timing of Iran export rise unclear

Oil held near $111 a barrel on Tuesday, as investors judged the historic deal between Iran and world powers would bring no immediate increase in crude oil supplies from the Organization of the Petroleum Exporting Countries (Opec) member.

The deal halts Iran's most sensitive nuclear activity and suspends some sanctions by the West, but caps Iran's exports at the current level of one million barrels a day (bpd).

That means supply concerns continue to affect the market amid disruptions to oil exports from Libya.

Front-month brent crude slipped 39 cents to $110.6 a barrel by 0850 GMT. It had plunged $3 the previous session but recouped most losses to end five cents down. US oil rose 44 cents to $94.53.

"Prices recovered rapidly on Monday but they are heading down again," Christopher Bellew, a trader at Jefferies Bache, said.