Crude fell on heavy supply outlook

International benchmarks for crude oil fell sharply on Monday, 5 April 2021 after OPEC+ agreed to lift output gradually from May to July, while Iran is boosting production. The prospect of the Iran-USA negotiation to revive the 2015 nuclear deal is expected to bring more Iranian crude to the market.

Brent loses $2.71, or 4.36%, to $62.15/barrel.

WTI fell $2.8, or 4.77%, to $58.65/barrel.