Oil slips after Iran's new field discovery

Monday, 11. November 2019 06:30

Oil prices extended losses on Monday after Iran's President Hassan Rouhani stated that his country found a new field containing 53 billion barrels of crude oil. Meanwhile, the investors will be looking towards the United States and China to make progress in trade talks entering a new week.

Iran made another step away from the Joint Comprehensive Plan of Action (JCPOA) after its Atomic Energy Organization said the Fordow power plant may become a new research center. The latest nuclear enrichment Iran carried on with failed to find approval in Washington as US President Donald Trump described it as a "very bad step."

Brent for January delivery fell 1.05% to $61.95 per barrel at 0:13 am ET. West Texas Intermediate futures for December delivery dropped 1.08% to go for $56.74 a barrel.

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