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MTECHTIPS:-U.S. crude closes below $30, as Iran sets to ramp up export level
U.S. crude fell sharply on Tuesday closing below $30 a barrel for the first time in more than a week, amid reports that Iran could pencil in a line item on its annual budget, which would enable the Persian Gulf state to ramp up its oil exports above the 2 million barrel threshold in fiscal year 2016. On the New York Mercantile Exchange, WTI crude for March delivery traded in a broad range between $29.82 and $31.52 a barrel, before settling at $29.97, down 1.68 or 2.30% on the day. With the second consecutive major decline, U.S. crude futures erased nearly all of their gains from a five-day winning streak last week when they soared more than 10%. WTI crude is approaching multi-year low from late last month when it slid below $27 a barrel to fall to its lowest level since 2003. On the Intercontinental Exchange (ICE), brent crude for April delivery wavered between $32.24 and $34.16 a barrel, before closing at $32.76, down 1.47 or 4.31% on the session. North Sea brent crude futures have tumbled more than $3 a barrel over the first two days this week. When brent hit $36 a barrel last Friday, it completed a 26% rally from late-January when the international benchmark fell to its lowest level in 12 years. Both WTI and brent surged last week following reports that OPEC and non-OPEC producers could meet to craft a strategy to slash global production by as much as 5% per day. The short-lived rally ended, though, after optimism faded that oil powers Saudi Arabia and Russia could arrange such a meeting.
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