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Iran sanctions lift sinks oil lower

Monday, January 18, 2016 - 00:54

Many stock markets around the world and oil prices slumped to multi-year lows on Monday amid persistent worries over global growth, although European stocks offered a chink of light in the gloom, staging an early bounce following last week's sell-off. Yasmine Estaphanos reports.

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Oil prices plunging to yet another low on Monday. Dropping to just 27 dollars a barrel, it's the lowest level since 2003. It comes as the market braces itself for an influx of oil from Iran. With sanctions lifted over the weekend, Tehran said it was ready to increase its exports by 500,000 barrels a day. It couldn't come at a worse time for the oil market. A chronic global surplus has put oil prices on a downward spiral for the past two years. Some analysts say Iran's aim is unrealistic - the country needs time to repair its infrastructure after years of neglect. But tumbling oil prices have spooked investors. Middle East stock markets plunged to new lows on Sunday while Asian shares slid to their lowest levels since 2011 the following day..... Some warning that another global economic downturn could be on the way.

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Iran sanctions lift sinks oil lower

Monday, January 18, 2016 - 00:54