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Crude price tumbles after US lifts sanctions on Iran

Mon, Jan 18, 2016, 02:55 PM
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.
Agency: Ap7am Desk

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