Oil Prices Dip Below $35

Global News reported that oil prices have dropped even further on Monday, with benchmark price dropping below US$35 per barrel for the first time since the depths of the global recession. North American crude prices have fallen more than 2.5 percent to $34.70, levels not seen since February 2009.
According to the publication:

There is “absolutely no chance” the country won’t step up production, Iran’s deputy oil minister said overnight. “Our general assumption is on a market with low prices, so the price can drop as low as possible as we are prepared for the worst scenario,” the official said.

Economists at Scotiabank have said:

The real worst case scenario for Iran had been to be unable to ship any oil due to the embargo, so if you can ship some oil at depressed prices then it’s far better than the prior state of affairs.

Click here to view the full article.