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2 Mar 2015
Brent Oil tanks declines more than 2%
FXStreet (Mumbai) - Brent Crude oil fell more than 2% on Monday on the possibility of an increased exports from Iran after the country said a deal on its nuclear program could be agreed this week if the West lifted sanctions.
Brent Crude April futures hit a low of USD 60.77/barrel and currently trades at USD 61.00/barrel; down 2.53% for the day. Prices were also hit by a strong US dollar and reports of a rise in Libyan crude output. The USD index hit a 11-year high after the Chinese central bank cut interest rates over the weekend.
Analysts say Iran could increase its oil sales quickly if sanctions were lifted and may eventually be able to raise exports by up to 1 million barrels per day (bpd).
Brent Crude April futures hit a low of USD 60.77/barrel and currently trades at USD 61.00/barrel; down 2.53% for the day. Prices were also hit by a strong US dollar and reports of a rise in Libyan crude output. The USD index hit a 11-year high after the Chinese central bank cut interest rates over the weekend.
Analysts say Iran could increase its oil sales quickly if sanctions were lifted and may eventually be able to raise exports by up to 1 million barrels per day (bpd).