Oil
dropped from a three-month high as Iran said it would raise output to
pre-sanctions levels before joining talks to freeze production.
Futures
fell 3.4 percent in New York. Iran plans to raise output by about a
third to 4 million barrels a day before it will consider joining any
move to rebalance the market, the Iranian Students News Agency reported,
citing Oil Minister Bijan Namdar Zanganeh. The Islamic republic boosted
production by 187,800 barrels a day in February, the biggest monthly
gain since 1997, the Organization of Petroleum Exporting Countries said
in a monthly report.
Oil
has rebounded after slumping to a 12-year low in February on
speculation stronger demand and falling U.S. output will ease a surplus.
The International Energy Agency said March 11 that prices may have
reached their lowest point as shrinking supplies outside the OPEC and
disruptions inside the group reduce the glut. U.S. crude supplies,
meanwhile, grew to the highest level since 1930.
West
Texas Intermediate for April delivery fell $1.32 to settle at $37.18 a
barrel on the New York Mercantile Exchange. The contract climbed 1.7
percent to $38.50 on Friday, the highest close since Dec. 4.
Brent
for May settlement slipped 86 cents, or 2.1 percent, to $39.53 a barrel
on the London-based ICE Futures Europe exchange. The European benchmark
grade closed at a 69-cent premium to WTI for May delivery.
Source : Bloomberg
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