Crude traders are skeptical that the accord loosening some economic sanctions against Iran in return for limiting nuclear work will lead to a surge in oil supply from what was once OPEC’s second-biggest producer. Brent, the benchmark for half the world’s crude, rose 15 cents today to $111.03 a barrel, little changed from where it was before the agreement was reached Nov. 24. While oil fell as much as 2.7 percent the next day, futures erased the decline by the end of the trading session. “Brent had a knee-jerk selloff,” said Stephen Schork , president of the Schork Group Inc., a consultant to the energy industry in Villanova, Pennsylvania . “The market is skeptical that this is as bearish as it would seem to be.” The six-month agreement capped the country’s crude exports at 1 million barrels a day. Until the U.S. removes all oil sanctions, markets are unlikely […]