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Oil prices lowest since 2003 as Iran set to raise exports

Oil prices dropped below $28 a barrel on Monday - hitting the lowest price since 2003.

Brent Crude oil has hit lowest price since 2003 Credit: ITV News

Iran is now able to export more oil following the lifting of sanctions against the country over the weekend, which could add to the oversupply which is hitting prices.

Barclays analysts said "Iranian exports come at a very bad time". Prices have been pulled down by over 75% since mid-2014 and by over 25% since the start of 2016.

The price of Brent crude oil fell to $27.67 a barrel earlier today.

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