(MENAFN- ProactiveInvestors) The price of Brent crude fell more than 2% on Monday as traders eyed a possible increase in output from producers in the Middle East.
Iran could according to reports agree a deal over the country's nuclear programme and that could allow international sanctions to be lifted - and would in turn enable Iran to lift oil export volumes.
It comes after a monthly report revealed on Friday that Saudi Arabia had increased its exports to 9.5mln barrels per day (its highest level since 2013). Iraq meanwhile is aiming to increase its output to 3.5mln barrels a day this month after increasing volumes to 2.5mln per day last month.
In London trading Brent crude was down 2.08% to US$61.30 while West Texas Intermediary fell 1.5% to US$49.
Friday's sharp decline in WTI prices was can be put down to profit taking says UBS analyst Daniel Morgan who highlighted that traders were responding to a bigger than expected rise in US oil stockpiles.
He says attentions will now likely focus on upcoming US GDP statistics.
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