Oil prices fell to their lowest since 2003 in Asia as investors prepared for a rise in the Iranian exports after sanctions against the country were lifted over the weekend.
Sanctions on Iran revoked
The UN nuclear watchdog on Saturday said Tehran had met its commitments to curtail its nuclear programme and in response the US immediately revoked sanctions. This opens doors for an increase in the Iranian oil supply by at least 2 million barrels per day (bpd).
Iran - a member of the Organization of the Petroleum Exporting Countries (OPEC) - said it was ready to increase its exports by 500,000 bpd.
As of now, the Brent oil futures are trading 3.8% at USD 28.14/barrel. WTI oil is trading 2.3% lower at USD 29.71/barrel.