Technoglitch
Core Member
Oil prices hit their lowest since 2003 on Monday, as the market braced for additional Iranian exports after the lifting of sanctions against the country over the weekend.
The United States and European Union on Saturday revoked sanctions that had cut Iran's oil exports by about 2 million barrels per day (bpd) since their pre-sanctions 2011 peak to little more than 1 million bpd.
Iran, a member of the Organization of the Petroleum Exporting Countries (OPEC), said on Sunday that it is ready to increase exports by 500,000 bpd.
Worries about Iran's return to an already oversupplied oil market drove down Brent crude LCOc1 to $27.67 a barrel early on Monday, its lowest since 2003. The benchmark was at $28.59 by 0921 GMT, down 38 cents from its settlement on Friday.
U.S. crude CLc1 was down 38 cents at $29.04 a barrel, not far from a 2003 low of $28.36 hit earlier in the session.
Oil slides to lowest since 2003 after Iran sanctions lifted| Reuters
The United States and European Union on Saturday revoked sanctions that had cut Iran's oil exports by about 2 million barrels per day (bpd) since their pre-sanctions 2011 peak to little more than 1 million bpd.
Iran, a member of the Organization of the Petroleum Exporting Countries (OPEC), said on Sunday that it is ready to increase exports by 500,000 bpd.
Worries about Iran's return to an already oversupplied oil market drove down Brent crude LCOc1 to $27.67 a barrel early on Monday, its lowest since 2003. The benchmark was at $28.59 by 0921 GMT, down 38 cents from its settlement on Friday.
U.S. crude CLc1 was down 38 cents at $29.04 a barrel, not far from a 2003 low of $28.36 hit earlier in the session.
Oil slides to lowest since 2003 after Iran sanctions lifted| Reuters
