Crude price tumbles after US lifts sanctions on Iran

Crude oil prices plunged down further with the announcement by the US about the lifting of sanctions on Teheran and touched the lowest in 13 years at $27.67. Crude oil price was in the range in 2003. Brent crude oil price is now $27.67 a barrel. The market sentiment was owing to the prospect of Iran resuming exports of crude oil. Already Iran has announced that it would be exporting 500,000 barrels a day against 1 million before the sanctions were imposed. American crude prices too fell by 38 cents and stood at $29.4 a barrel. Experts predict that the prices would fall further in the coming days. Indian crude oil price, too, came down by 2.15% and stood at Rs. 1946 a barrel. Iran had cut down on crude production following the sanctions and would be resuming normal production shortly.