Oil Prices Drop Further Because of Sanctions Over Tehran
Oil prices fell on Monday as spare oil storage capacity runs low and a potential agreement in nuclear talks with Tehran opened the prospect of more Iranian exports, Reuters reports.
US crude fell to $43.57 in early trading. Brent has trading at $ 54.26 a barrel, down 41 cents.
The sanctions on Tehran's nuclear program affect oil exports. The World Petroleum Council said that the low prices would cut the investments in the production. Oil low prices become sanctions not only for Tehran, but also for the countries where the production cost is higher.