| With the removal of sanctions on Iranian crude exports underway, the bearish price trend may continue through the end of the year, increasing the intensity of competition between oil exporters on a global scale. The preliminary agreement on lifting sanctions raised the prospect of more Iranian oil hitting the market, resulting in oil futures contracts’ prices hitting the lowest benchmark of a more than six-year lows on August 14.
Light sweet crude slid to $41.35 U.S. a barrel on New York Mercantile Exchange due to concerns over the global oil supply glut and staggering level of global demand shaken by slowdown in Chinese and Asian markets. Such low oil price level was reached last on March 4, 2009...............................................Full Article: Source
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