Oil waned today, dragged by abundant supply, even though OPEC member-states continue to limit production and the high probability of renewed U.S. sanctions on Iran, one of the largest oil exporters, keeps.
Brent futures shrank to $78.22 for a barrel, 21 cents less compared to the previous settlement.
U.S. WTI futures slipped to $71.03 per barrel, 28 cents lower. However, both stayed near the maximums of November 2014 - $79.47 and $71.92 for a barrel respectively.
Meanwhile the markets show that crude output is likely to grow, particularly this pertains to ExxonMobil, Royal Dutch Shell, Chevron, and some others.