Oil Falls From Three-Week High as Iran Says Exports ‘Priority’
- Crude retreated Monday after Iran says exports `priority'
- U.S. oil inventories forecast to decline for second week
How Will Iran Change Oil in 2016?
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Oil held declines as Saudi Arabia unveiled a 2016 budget that reflects scaled-back revenue expectations and lower spending as the world’s biggest exporter copes with plunging prices.
Futures were little changed in New York after dropping 3.4 percent Monday. OPEC’s most powerful member reduced energy subsidies and allocated the biggest part of government spending in next year’s budget to defense and security. The kingdom’s 2016 budget is probably based on crude prices of about $29 a barrel, according Riyadh-based Jadwa Investment Co. U.S. inventories declined 2.25 million barrels last week, according to a Bloomberg survey of analysts before government data Wednesday.