Oil sinks to lowest level in almost seven years

The price fell as Iran pledged to boost crude exports

14th December, 2015
Oil prices are close to seven-year lows Pic: Pixabay

Oil extended declines from the lowest price since February 2009 as Iran pledged to boost crude exports, bolstering speculation OPEC members will exacerbate the global oversupply.

Futures dropped as much as 1.2 per cent in New York, trading near $35 a barrel, after losing almost 11 per cent last week, the most in a year. There’s “absolutely no chance” Iran will delay its plan to increase shipments even as prices decline, said Amir Hossein Zamaninia, the...

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