Global Oil Prices Dip Amid Well-supplied Market, Iran Sanction Waivers


Global Oil Prices Dip Amid Well-supplied Market, Iran Sanction Waivers

Oil prices dipped on Wednesday as rising output and U.S. sanction waivers that allow Iran’s biggest buyers to keep taking its crude reinforced the outlook for a well-supplied market.

Front-month Brent crude oil futures were at $72.04 per barrel at 0337 GMT, down 9 cents, or 0.1 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude was at $61.92, down 29 cents, or 0.5 percent, from its last settlement.

Brent and WTI have slumped by 17.4 and 19.7 percent from recent peaks touched in early October.

U.S. bank J.P. Morgan said the “sell-off in oil was due to excessive crude” from rising production “whilst Iranian supply was still in the market.” Read more

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