LONDON:
World oil prices sank by about one dollar on Tuesday, as supply glut woes grew
on the back of rising output from Iran and Iraq.
“This may
be a dreaded month for the equity market investors ... but crude oil is having
an equally frightening start too,” said City Index analyst Fawad Razaqzada.
“Oil prices have also been absorbing a
lot of negative news lately — and completely ignoring the fact the markets
remain oversupplied with US crude oil inventories being at record-high levels.
