Source: The New York Times

HOUSTON — Oil prices took another sharp turn downward on Monday to levels not seen since the depths of the 2009 recession. Several international banks predicted even lower prices later this year because of an oversupplied global crude market.


the price of U.S. crude has slumped below $75 a barrel, a four year low. While that’s good news for drivers, it’s not so good for oil-exporting nations such as Iran. The country is already exporting lower levels of oil due to international sanctions. CCTV America’s Nathan King reported the story from Washington D.C.

AP: Russian officials have traveled to Iran's capital to boost economic ties between the two countries. Iran's Oil Minister Bijan Zanganeh and Alexander Novak Minister of Energy of Russian Federation oversaw a meeting Tuesday of businessmen in Tehran, calling on them to increase trade.

Reuters: Iran's central bank has received a total of $1 billion (608 million pounds) of previously frozen oil revenue from Japan under the terms of an extended nuclear agreement with six world powers, state news agency IRNA reported on Thursday. Iran and the United States, China, France, Germany, Britain and Russia agreed in July to extend a six-month interim accord until Nov 24 .