Thursday, March 28, 2024

Baghdad

Oil declined below $28 after lifting sanctions on Iran

 Oil declined below $28 after lifting sanctions on Iran

Representational file photo

Representational file photo
Representational file photo

(IraqiNews.com) Baghdad – On Monday, economic analysts announced, that the world oil prices declined to less than $28 a barrel to record the lowest level in 13 years due to the market readiness to receive nearly 500,000 barrels of Iranian oil again after the lifting of sanctions imposed on Iran.

Brent crude fell to $27.67 a barrel in the early hours of the morning, to record its lowest level since 2003, before rising again to $28.25.

US crude fell 58 cents to hit $28.84 a barrel, after reaching $28.36 earlier in the session to record its lowest level since 2003.

A statement received by IraqiNews.com said, “The decline in oil prices is due to the lifting of sanctions on Iran,” adding that, “The decline in prices will increase the supply in the market after the return of Iranian exports.”

Noteworthy, Brent crude recorded below $28 before in November of 2003.

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