(MENAFN) Oil prices ended lower Monday as Iran pledged to raise crude exports, hence its shipments would reach 2.2mn bpd by the middle of summer from 2mn bpd now.
The Islamic Republic's announcement dampened hopes for a coordinated decision to freeze OPEC oil output at a meeting of the exporter group in Vienna, Austria, on June-2.
Additionally, in another certain sign that the oil market will remain oversupplied, US oil rig count stayed unchanged over last week after notching an eight-week losing streak.
The West Texas Intermediate for July delivery fell 33 cents to settle at USD48.08 a barrel, while Brent crude for July delivery dropped 37 cent to close at 48.35 dollars a barrel.
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