The price for crude oil has continued to decrease in early Asian trade on Monday, after going down to 12-year low on Friday. Most of the oil-producing countries tend to set up their reserve fund to adjust to low prices.

At one point earlier, in the session front-month Brent crude futures tumbled as low as $27.67 a barrel before bouncing in recent trade. Here’s the chart to figure out the real estimates.

[caption id="attachment_32702" align="alignnone" width="1000"] The bar chart by investing.com[/caption]

Front-month WTI futures have followed a similar pattern, falling to as low as $28.36 a barrel before bouncing over the past hour of trade.

Although the drop coincides with sanctions over Iran being lifted over the weekend, paving the way for crude exports from the nation to resume, this was all but expected by the markets. But US Government sanctioned Iran again. How does it affect the world market, we look forward soon.

Photo: www.sbs.com.au