Oil extended its
decline after its biggest weekly drop since March as investors weighed
the prospects of Iran increasing crude exports in an oversupplied
market.
Futures dropped as
much as 1.8 percent in New York after capping a 7.4 percent loss through
July 10. Iran and world powers may announce a nuclear deal as soon as
Monday after a political agreement was reached to lift a United Nations
arms embargo. Prices also slid as investors eschewed risky assets amid
concern Greece may be cut from the euro area.
Oil rebound from a
six-year low has faltered, capping a second weekly drop on Friday, as a
rout in Chinese equities and the turmoil in Greece stoke speculation
demand will weaken and a global glut will persist. Prices may fall
further as the world remains “massively oversupplied,” before markets
tighten in 2016 when output growth outside OPEC grinds to a halt,
according to the International Energy Agency.
West Texas
Intermediate for August delivery lost as much as 97 cents to $51.77 a
barrel in electronic trading on the New York Mercantile Exchange and was
at $52.10 a barrel at 10:36 a.m. Sydney time. The contract fell 4 cents
to $52.74 on Friday. Prices have decreased 2.2 percent this year.
Brent for August
settlement slid as much as 92 cents, or 1.6 percent, to $57.81 a barrel
on the London-based ICE Futures Europe exchange. Prices fell 2.6 percent
last week. The European benchmark crude was at a premium of $5.91 to
WTI.
Source : Bloomberg
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