Crude oil prices fell this evening due to concerns about global economic growth and a break in the prolonged tensions over Iran's nuclear programme.

US crude was down $1.87 to $104.85 a barrel. In London, Brent crude gave up $1.91 to $121.89.

Oil prices fell after Iran agreed to let international nuclear inspectors into its facilities. Oil has surged this year as Western powers confronted Iran over its nuclear programme and Iran threatened to shut off a strategic waterway for oil tankers.

The announcement eased concerns about a possible disruption to oil supplies around the globe.

On Monday, China lowered its official growth target to 7.5% from 8%, cementing concerns that the Asian exporter's economy will slow down, with a knock-on effect on energy demand.