Oil prices drop to lowest level since 2003

Iran announced that after the lifting of sanctions due to its nuclear program, its oil supplies will increase by half a million barrels a day, adding that in a short term, the country would be ready to supply another million barrels a day to the world market.

The barrel of Brent oil from the North Sea to be delivered in March was quoted on Monday at 28.43 dollars at the beginning of the session of the Intercontinental Petroleum Exchange (ICE).

That oil lost 51 cents of a dollar (1.76 percent) compared to the previous closure, when it was quoted at 28.94 dollars per barrel.

Deliveries of US West Texas Intermediate (WTI) oil in February dropped by 39 cents of a dollar (1.33 percent) and it was quoted at 29.03 dollars per barrel.

For its part, the basket of the Organization of Petroleum Exporting Countries (OPEC) priced its barrel on Friday at 24.74 dollars, losing 26 cents of a dollar (1.04 percent), compared to the previous closure.