INTERNATIONAL: Oil price falls below $28 a barrel as Iran sanctions lifted

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INTERNATIONAL: Oil price falls below $28 a barrel as Iran sanctions lifted

_87667052_oil-prices-graphicBBC – The oil price has fallen below $28 a barrel amid fears the lifting of Western sanctions on Iran could worsen the existing oversupply problem.

Brent crude, used as an international benchmark, fell as low as $27.67 a barrel, its lowest since 2003, before recovering slightly to trade at $28.17.

The price of US crude fell below $29 a barrel to $28.86.

The lifting of the Iran sanctions mean half a million barrels more oil per day could be produced, say analysts.

“The drop was due to the Western sanctions on Iran being lifted. This means we will be seeing a bigger oil glut with Iranian crude exports coming back to the market,” said Phillip Futures analyst Daniel Ang.

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