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16 Mar 2015
Brent declines, WTI hit lowest since March 2009
FXStreet (Mumbai) - Brent Crude prices fell to near USD 53.00/barrel, its lowest in more than a month on signs of a possible nuclear deal with Iran, which could allow the nation to export more oil.
Brent for April delivery fell USD 52.83/barrel, its lowest since early February, before recovering slightly to trade at USD 53.17/barrel. Meanwhile, WTI Crude fell to USD 43.18/barrel, its lowest since March 2009, before recovering to 43.38/barrel.
The possibility of nuclear deal with Iran only increases the mounting risk of supply glut that has seen a renewed selling pressure in both the benchmarks over the last two weeks. Moreover, the markets have shrugged-off the OPEC monthly report, which forecasts a rise in global oil demand, coupled with a decline in the US oil production by year-end.
Brent for April delivery fell USD 52.83/barrel, its lowest since early February, before recovering slightly to trade at USD 53.17/barrel. Meanwhile, WTI Crude fell to USD 43.18/barrel, its lowest since March 2009, before recovering to 43.38/barrel.
The possibility of nuclear deal with Iran only increases the mounting risk of supply glut that has seen a renewed selling pressure in both the benchmarks over the last two weeks. Moreover, the markets have shrugged-off the OPEC monthly report, which forecasts a rise in global oil demand, coupled with a decline in the US oil production by year-end.