Tokyo – 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.
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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
NYMEX crude for February delivery
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.
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.