Oil Sinks to Six-Month Low on China Outlook, Iran Supply Boost

West Texas Intermediate plunged as much as 5.7% to fall below $87 a barrel, the lowest in more than six months. Oil started the week on the back foot after China announced a surprise cut in key interest rates on the back of weak economic data. Meanwhile, Iran signaled a nuclear deal agreement could be reached in the next few days, raising the prospect of Iranian crude returning to the global market.

Leave a Comment