Crude oil prices were lower Monday, falling from yearly highs amid speculation that increased Iran output will offset a supply freeze by Saudi Arabia and Russia.
WTI crude oil for April settled at $37.18/bbl, down $1.32, or 3.4 percent, the lowest since March 8. Prices have surged 40 percent since hitting a 13-year low near $26.
Looking ahead, the Federal Reserve makes its latest monetary policy decision on Wednesday.
Last month’s strong jobs report might convince the Fed to raise interest rates, but most analysts expect the central bank to stand pat a second month in a row.
The material has been provided by InstaForex Company – www.instaforex.com