The International Energy Agency has previously estimated that exports from Iran could plunge by about 800,000 barrels per day to one million in the second half of the year. - File photo

SINGAPORE: Oil prices edged lower in Asian trade Monday as investors took profits from last week's gains, analysts said.

New York's main contract, West Texas Intermediate (WTI) crude for delivery in May, shed 29 cents to $106.58 per barrel while Brent North Sea crude for May settlement was down 17 cents at $124.96 in the morning.

Oil had rallied in late Friday in reaction to reports that exports from Iran had significantly dropped in March amid rising tensions between Tehran and the West over its controversial nuclear programme.

“There is some level of profit-taking in the market but overall prices are holding quite steady,” said Tetsu Emori, fund manager at Astmax asset management in Tokyo.

Economic sanctions by the United States and the European Union have yet to dissuade Iran -- OPEC's second largest producer -- from pursuing the atomic programme, which Washington and its allies claim is aimed at building a bomb.

Tehran has insisted that the programme is solely for peaceful civilian purposes.

The United States is pushing for a tough new set of sanctions on Iran that would penalise foreign financial institutions that deal with the Islamic republic's central bank, which handles the crucial oil sales.

The International Energy Agency has previously estimated that exports from Iran could plunge by about 800,000 barrels per day to one million in the second half of the year.

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Judiciary’s SOS
Updated 28 Mar, 2024

Judiciary’s SOS

The ball is now in CJP Isa’s court, and he will feel pressure to take action.
Data protection
28 Mar, 2024

Data protection

WHAT do we want? Data protection laws. When do we want them? Immediately. Without delay, if we are to prevent ...
Selling humans
28 Mar, 2024

Selling humans

HUMAN traders feed off economic distress; they peddle promises of a better life to the impoverished who, mired in...
New terror wave
Updated 27 Mar, 2024

New terror wave

The time has come for decisive government action against militancy.
Development costs
27 Mar, 2024

Development costs

A HEFTY escalation of 30pc in the cost of ongoing federal development schemes is one of the many decisions where the...
Aitchison controversy
Updated 27 Mar, 2024

Aitchison controversy

It is hoped that higher authorities realise that politics and nepotism have no place in schools.