On Tuesday, crude prices sank on a soar in Iranian exports, which contributes to a global supply overhang, though a planned OPEC-led production dip later this year ensured some support.
International Brent crude oil futures were worth$50.70 a barrel, tumbling 18 cents from their previous close.
American West Texas Intermediate crude futures descended 25 cents, hitting $48.56 a barrel.
Traders told that prices were dented by the latest surge in Iranian crude as well as condensate sales, that probably reached approximately 2.8 million barrels per day already in September, nearly matching a 2011-high in shipments before sanctions were imposed on this OPEC producer.
However, experts told Iran will struggle to bolster output further just to reach pre-sanctions levels, so it feels like Iran will agree on some form of output constraint with other members of the Organization of the Petroleum Exporting Countries, including its regional counterpart Saudi Arabia, also pumping crude near record levels.
