Oil prices fall as Iran export rises


OIL prices fell today in response to a rise in Iranian exports that swelled the global supply glut.
Brent crude oil futures were trading at US$50.63 (K156) per barrel this morning, down 26 cents, or 0.5 per cent, from their previous close. Meanwhile, United States West Texas Intermediate crude was down 32 cents, or 0.66 per cent, at US$48.49 (K152) a barrel.
Traders said prices had been hit by the latest rise in Tehran’s exports, which are expected to have reached about 2.8m barrels per day last month.
This almost matches the 2011 peak in shipments before sanctions were imposed. Opec’s announcement last week that it is planning to cut output has caused a flurry of optimism in the industry but the group will not finalise the extent of the output cut until its policy meeting in November. . – The Week UK

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