WTI crude drops below $50 for first time since April

• 21.07.2015, 8:44

WTI crude price has fallen amid speculations about possible oil deliveries from Iran.

It is reported by Bloomberg, RBC-Ukraine writes.

WTI futures for August delivery fell on Monday 1.8% and reached $49.97 a barrel at 21:13. The lowest price was $49.92, the first time since April 6. WTI for September settlement slipped 87 cents to $50.34 a barrel.

Brent futures for September delivery declined 1% to $56.51 a barrel on the London-based ICE Futures Europe exchange.

Iran's oil minister Bijan Zanganeh said on Monday that Tehran was set to resume oil deliveries that declined due to sanctions.

Oil price was declining in April also due to news about preliminary arrangements on Iran's nuclear programme that were expected to result in lifting sanctions.

Iran and six major world powers were reported on July 14 to have reached an agreement on the gradual lifting of the UN, EU and US sanctions from Iran in exchange for shrinking its nuclear programme. It means that Iranian oil will return to the market.

OPEC basket price fell below $54 a barrel. OPEC basket dropped by $0.24 and reached $53.99 a barrel on July 17, 2015. This is the lowest price for the last 14 weeks since April 9, 2015.