Monday, January 18, 2016 9:28:50 AM
Oil price rebounds after falling below $28 a barrel
The oil price has rebounded after falling below $28 a barrel as oil producers' group Opec predicted crude would mount a recovery this year.
Brent crude, used as an international benchmark, fell as low as $27.67 a barrel, its lowest since 2003, before recovering to trade at $28.86.
The price of US crude was $29.65 a barrel after hitting $28.36.
Investors fear the lifting of Western sanctions on Iran could worsen the existing oversupply problem.
Iran's deputy oil minister Roknoddin Javadi has expressed confidence the country can produce an extra 500,000 barrels per day.
http://www.bbc.com/news/business-35340893
The oil price has rebounded after falling below $28 a barrel as oil producers' group Opec predicted crude would mount a recovery this year.
Brent crude, used as an international benchmark, fell as low as $27.67 a barrel, its lowest since 2003, before recovering to trade at $28.86.
The price of US crude was $29.65 a barrel after hitting $28.36.
Investors fear the lifting of Western sanctions on Iran could worsen the existing oversupply problem.
Iran's deputy oil minister Roknoddin Javadi has expressed confidence the country can produce an extra 500,000 barrels per day.
http://www.bbc.com/news/business-35340893
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