Oil prices reached its lowest since 2003 after sanctions levied on Iran was lifted on Saturday and the markets preparing for an increase in Iranian exports.
The United Nation’s nuclear watchdog said the Middle East country met its pledges to curb their atomic program, and the United States scrapped the sanctions immediately.
Iran’s deputy minister mentioned the country is slated to raise its oil exports by 500,000 barrels a day.
US crude CLc1 closed at $28.84 per barrel, down 58 cents. Brent crude settled at $28.25, down 2%.
The material has been provided by InstaForex Company – www.instaforex.com