As of 8:09 MSK, the price of a barrel of Brent crude dropped 0.49%, reaching $48.48. WTI oil prices dropped even more, by 0.47%, to $48.07.
The decline in world oil prices is associated with the statement of Managing-Director of National Iranian Oil Company (NIOC), Roknoddin Javadi, that Iran has no plans to freeze the level of its oil production and exports, as the country tries to raise its crude exports to pre-sanctions levels.
"Under the present circumstances, the government and the Oil Ministry have not issued any policy or plan to the National Iranian Oil Company (NIOC) towards halting the increase in the production and exports of oil," Reuters cited him as saying.
