Home News Oil tumbles up to 4 pct, stockpile worry cuts short rally

Oil tumbles up to 4 pct, stockpile worry cuts short rally

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Global oil prices fell as much as 4 percent on Monday on concerns a six-week market recovery has gone beyond fundamentals, as U.S. crude stockpiles continue to mount and Iran maintains little interest in a global production freeze. The Organization of the Petroleum Exporting Countries said global demand for crude from its members, including Saudi Arabia, Iraq and Iran, will be less than previously thought in 2016 due to competing non-OPEC supply. It said Iran supports the plan, although Tehran was keen to restore its crude exports first to pre-sanction levels.

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