NEW YORK: Oil prices rose on Tuesday, reversing early losses, after it became apparent that a nuclear deal between Tehran and six global powers will not immediately remove sanctions placed on Iranian crude exports.

A Reuters survey expected Tehran to raise exports by 60 percent within a year.

Benchmark Brent crude futures were up 30 cents, or up 0.6 percent, at $58.15 a barrel by 1:35 p.m. EDT (1735 GMT).

They had plumbed a low of $56.43 earlier, after news of the Iran nuclear deal.

US crude futures were up 55 cents, or about 1 percent, at $52.75 after declining earlier to $50.38.

The dollar’s slide after unexpectedly weak US retail sales for June also helped crude futures rebound.