| Oil prices fell sharply overnight and touched a near 13-year low as the US and EU prepared to lift international sanctions on dormant oil power Iran earlier than expected.
In a market already flooded with excess supply that has pushed onshore reserves to record levels and driven prices ever lower, Iranian exports ramping up – it has pledged to add 500,000 barrels a day immediately and a million within six months – is seen as an extremely bearish signal. International benchmark Brent crude fell to $27.70 overnight, its lowest level since 2003...............................................Full Article: Source
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