Oil extended its biggest monthly slump in nearly 7
years as Iran vowed to boost output almost immediately after sanctions
against the Persian Gulf producer are lifted.
Futures in New York dropped as much as 1.6 percent,
after capping a 21 percent drop in July on Friday. Iran can increase
production by 500,000 barrels a day within a week after the end of
sanctions and by 1 million barrels a day within a month after that, said
state-run Islamic Republic News Agency, citing Oil Minister Bijan
Namdar Zanganeh.
Crude slipped into a bear market last month as raw
materials slumped amid expanding supplies and concerns that demand in
China may falter with slower economic growth. Sanctions against Iran’s
oil industry should be lifted by late November, Iranian oil ministry’s
Shana news agency reported.
West Texas Intermediate for September delivery lost
as much as 77 cents to $46.35 a barrel in electronic trading on the New
York Mercantile Exchange and was at $46.81 at 8 a.m. Singapore time.
Total volume was 97 percent above the 100-day average for the time of
day.
Brent for September settlement slipped 45 cents to
$51.76 a barrel on the London-based ICE Futures Europe exchange. Prices
are down 24 percent since this year’s high on May 6. The European
benchmark crude traded at a premium of $4.96 to WTI.
Source : Bloomberg
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