Crude oil prices were lower Monday, falling from yearly highs amid speculation that the recent 45 percent run-up was overdone.
Although OPEC output may have dwindled slightly last month amid outages in Iraq and elsewhere, Iran is expected to pick up the slack as it emerges from years of heavy sanctions.
WTI crude oil for April was down 85 cents, or 2.1 percent, to $37.74 a barrel. Prices have surged since hitting a 13-year low near $26 in February.
Looking ahead, the Federal Reserve makes its latest monetary policy decision on Wednesday.
Some analysts say that last month’s strong jobs report might convince the Fed to raise interest rates.
The material has been provided by InstaForex Company – www.instaforex.com