Oil Hits 7-Week Low On Expectations Of Higher US, Iran Output

Oil prices fell to their lowest in seven weeks on Thursday amid fears of rising global supplies after Iran announced plans to increase production and US crude output hit record highs. Brent futures fell 70 cents, or 1.1 percent, to settle at $64.81 a barrel, their lowest close since December 20. US West Texas Intermediate (WTI) crude, meanwhile, was down 64 cents, or 1 percent, to settle at $61.15, its lowest close since January 2. Both benchmarks fell for the fifth straight day, the longest losing streak for Brent since November 2017 and for WTI since April 2017. Brent futures have lost as much as 15 percent since hitting a four-year high above $71 in late January.
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