Friday, 15 January 2016

US crude falls as market braces for more Iranian oil

US crude oil futures fell in early Asian trade, heading lower after posting the first significant gains for 2016 in the previous session, as the prospect of additional Iranian supply looms over the market. 

West Texas Intermediate (WTI) was down 33 cents at USD 30.87 a barrel at 0103 GMT (2003 EDT). On Thursday the contract rose 72 cents, or 2.4 percent, to settle at USD 31.20. It hit a 12-year low of USD 29.93 earlier this week. 

WTI is on track to post a third consecutive weekly loss, down more than 6 percent. The contract is down nearly 18 percent from a 2016 high on January 4. Brent crude was yet to trade. 

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