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Oil slides to lowest since 2003 as Iran sanctions lifted

Published 2016-01-17, 06:54 p/m
© Reuters. Oil slides to lowest since 2003 as Iran sanctions lifted
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TOKYO, Jan 18 (Reuters) - Brent and U.S. crude futures fell
to the lowest since 2003 in Asian trading on Monday as the
market braced for a jump in Iranian oil exports following the
lifting of the sanctions at the weekend.
Iran is ready to increase its crude exports by 500,000
barrels a day, the deputy oil minister said on Sunday, hours
after international sanctions on Tehran were lifted, removing an
obstacle to exports.
London Brent crude for March delivery LCOc1 was down $1.14
at $27.80 a barrel by 2333 GMT, after touching an intraday low
of $27.70 earlier, the lowest since Nov. 25, 2003.
NYMEX crude for February delivery CLc1 was down 86 cents
at $28.56 a barrel, after falling more than $1 earlier to
$28.36, the lowest since Oct. 30, 2003.
Wall Street bled on Friday, with the S&P 500 sinking to its
lowest since October 2014 as oil prices sank below $30 per
barrel and fears grew about economic trouble in China. .N
The safe-haven yen got off to a flying start on Monday,
while the Australian dollar, usually sold off in times of market
stress, stayed under pressure as Asian equities geared up for a
torrid session following a big selloff on Wall Street. USD/

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