Economics
Oil Prices May Fall Further as Iran Returns, UBS's Weber Says
- UBS Chairman says lifting of Iran sactions adds new supplies
- IEA has warned oil market could `drown in oversupply' in 2016
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Crude oil prices may drop further as world powers lift sanctions on Iran and production in the Islamic Republic ramps up, UBS Group AG Chairman Alex Weber said in an interview.
“I don’t see a bottoming out of oil prices -- and a re-spiking -- anytime soon,” Weber told Bloomberg Television’s Francine Lacqua and Hans Nichols at the World Economic Forum in Davos, Switzerland. “The lifting of Iran sanctions, in my view, will continue to add supply.”