Current price – 29.00$ (-2.29%)
From the last Friday session oil drop 2.29% which is the lowest level from 2003.
Oil capped a third annual loss in 2015 as the Organization of Petroleum Exporting Countries effectively abandoned output limits amid a global oversupply. Iran is trying to regain its lost market share and doesn’t intend to pressure prices with an export increase, officials from its petroleum ministry and national oil company said this month.
Iran is aiming to raise shipments by 500,000 barrels a day amid the removal of sanctions, adding to a global glut that’s dragged down oil prices. The energy slump is fueling concern over disinflation, just as the U.S. embarks on tighter monetary policy and as anxiety over China’s management of its slowing economy rattles markets. Figures Monday indicated improvement in China’s property sector, ahead of a swathe of data Tuesday that will include an update on fourth-quarter gross domestic product.