Oil prices falling despite Iran sanctions
- 5 years ago
Despite the restoration of sanctions on Iran's energy, banking and shipping industries on Monday,... crude oil prices keep falling.
Prices of West Texas Intermediate crude dropped for the 9th consecutive day, its longest plunge since July 2014.
Brent crude also fell to 71-point-56 U.S. dollars a barrel which is down 17-point-5 percent from last month's high.
U.S. sanctions against Iran had boosted international oil prices ahead of the enforcement of sanctions.
But the U.S. decision to allow eight countries to continue importing oil from Iran has eased the supply burden.
The increase of U.S. crude production and signs of falling demand have also contributed to the price plunge over the last five weeks.
Prices of West Texas Intermediate crude dropped for the 9th consecutive day, its longest plunge since July 2014.
Brent crude also fell to 71-point-56 U.S. dollars a barrel which is down 17-point-5 percent from last month's high.
U.S. sanctions against Iran had boosted international oil prices ahead of the enforcement of sanctions.
But the U.S. decision to allow eight countries to continue importing oil from Iran has eased the supply burden.
The increase of U.S. crude production and signs of falling demand have also contributed to the price plunge over the last five weeks.