Brent Oil Drops Below $45 First Time Since 2009 as Glut Persists

Iran oil production in Mahshahr, Khuzestan province, southern Iran.

Iran oil production in Mahshahr, Khuzestan province, southern Iran.

Photographer: Kaveh Kazemi/Getty Images

Brent crude fell below $45 a barrel for the first time in more than six years amid signs a global glut will persist as Iran pledged to boost production and U.S. drilling activity sustained an increase.

Brent for October settlement dropped as much as 1.7 percent to $44.69 a barrel on the London-based ICE Futures Europe exchange and traded at $44.82 at 9:39 a.m. Singapore time. Prices retreated for a fourth day, extending declines from the lowest close since March 2009. Iran’s oil minister said the country will expand output “at any cost” while in the U.S., the number of active rigs rose for the seventh time in eight weeks.

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