Oil prices dip on surging Iran sales, but looming OPEC deal offers support

Oil prices dip on surging Iran sales, but looming OPEC deal offers support
 

Oil prices dipped early on Tuesday, weighed down by a rise in Iranian exports that adds to a global supply overhang, although a planned OPEC-led supply cut later this year has lent crude some support.
International Brent crude oil futures LCOc1 were trading at $50.79 per barrel at 0015 GMT, down 10 cents from their previous close.
U.S. West Texas Intermediate (WTI) crude CLc1 was down 15 cents at $48.66 a barrel.
Traders said prices were dented by the latest rise in Iranian crude and condensate sales, which likely reached about 2.8 million barrels per day (bpd) in September, almost matching... read more

 
4 October 2016 in Business, Views: 58
Source: Reuters
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