Oil prices fell on Monday, touching six-year lows, on signs of higher output in the United States and a possible nuclear deal that could end sanctions for Iran, allowing more oil onto an oversupplied market.
Chances of recovery in oil prices go and smoke on Monday. As crude oil tumbled to a six year low. Closing below 44 dollars a barrel oil has nose dived more than 55%. From the same time last year. You know workers strike at twelve years refineries or pullback of Shell Oil extraction in North Dakota are not to stop the US. From having so much oil that isn't running out of places to put the stuff. Orders energy markets editor Jessica Resnick alt. We have seen some temporary supports earlier. This year particularly in February. There are some bullish factors. But they really couldn't outweigh. The general downward trend and the main thing that's pulling us down as the premiere we're just awash in crude oil. We have so much supply. Domestically and globally but particularly domestically at this point. And that nuclear talks with I ran lead to a lifting of sanctions. An Iranian oil further slow the global market. And just the threat of that is likely to keep the pressure on prices.