Oil price steadies after falling below $28 a barrel

The oil price has recovered slightly after earlier falling below $28 a barrel, as Opec predicts crude will mount a recovery this year.

Brent crude, used as an international benchmark, fell as low as $27.67 a barrel, its lowest since 2003, before recovering to trade at $28.86.

The price of US crude was $29.65 a barrel after hitting $28.36.

Investors fear the lifting of Western sanctions on Iran could worsen the existing oversupply problem.

Iran's deputy oil minister Roknoddin Javadi has expressed confidence the country can produce an extra 500,000 barrels per day...
 BBC
18/1/16
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• Oil price falls below $28 a barrel as Iran sanctions lifted...