Oil prices fall below $30 as end of Iran oil ban nears

It comes as concern grows that Iran could restart oil exports flooding a market already under intense pressure from global oversupply and weak demand.

Brent crude fell more than 4.5% to $29.46 and US West Texas intermediate oil fell to $29.47

 

Iran could restart exports if the International Atomic Energy Agency (IAEA) reports it has complied with measures to curb its nuclear programme.

The IAEA could publish its report as early as Friday, following a meeting in Vienna.

Iran has the fourth largest proven oil reserves in the world, according to the US Energy

China Shipping Exports up First Time since June Targeting 7% growth.

Forecasts were predicting a 4.1% fall in exports, but a weakening currency may have boosted the lagging sector.

Imports also beat expectations in yuan-dominated terms to only fall 4%, compared to forecasts of a 7.9% slump.

 

The jump in exports was the first rise since June last year as the sector has been battered by slowing demand and slumping commodity prices.

Business: Asian markets subdued by falling oil prices

The price of US crude oil dropped more than 3% overnight, while Brent crude was back near 11-year lows on reports that Iran plans to increase exports once sanctions are removed, which would add to the global supply glut.

Lower energy shares across Asia weighed on benchmark indexes. 

Japan's Nikkei 225 index was down 0.1% to 18,850.17 in morning trade.