Crude dropped as Iran
made progress on an accord to lift sanctions on its exports, threatening
to add to the surplus in global markets.
Iran’s cooperation
with inspectors is aiding the investigation of the nation’s past nuclear
activities, the International Atomic Energy Agency told world powers in
Vienna on Monday. Successful implementation of a July 14 deal would
allow Iran to resume oil sales halted by sanctions. Declines eased in
the last hour of trading as a government report tomorrow is forecast to
show U.S. crude stockpiles slipped.
Iran’s vow to increase
output “at any cost” to reclaim market share will potentially add to a
global surplus that Goldman Sachs Group Inc. predicts may keep prices
low for the next 15 years. Oil’s slump is taking its toll on shale
drilling in the U.S., where production has fallen from the highest level
in more than three decades.
West Texas
Intermediate for October delivery, which expired Tuesday, fell 85 cents,
or 1.8 percent, to settle at $45.83 a barrel on the New York Mercantile
Exchange. Futures surged 4.5 percent Monday. The volume of all futures
traded was 23 percent below the 100-day average. The more-active
November contract slipped 60 cents to $46.36.
Brent for November
settlement rose 16 cents to end the session at $49.08 a barrel on the
London-based ICE Futures Europe exchange. The European benchmark crude
traded at a $2.72 premium to WTI for the same month.
Source : Bloomberg
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