BUSINESS

World Oil Price Set To Slide Further

World Oil PriceWorld oil prices fell further on Monday, on a stronger dollar and concerns that a supply glut will worsen, following a landmark deal which will allow Iran to increase its crude exports.

U.S. benchmark West Texas Intermediate for delivery in August shed 17 cents to reach $50.72 a barrel compared with Friday’s close.

Lingering concerns about a return of Iranian oil to the international market kept up the pressure on prices. Iran currently exports around a million barrels of crude per day, less than half the 2.3 million it sold overseas before sanctions were imposed in mid-2012.

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