Three reasons oil is down sharply to start the week

WTI crude oil down $1.24, or 3.3%, to $36.85

1) Iran reaffirmed its commitment to pump

Iran said boosting oil exports to pre-sanctions levels is a ‘priority’, according to oil minister Bijan Namdar Zanganeh. Sanctions are set to be removed in the first week of January and 500K barrels per day will immediately be added with another 500K expected within 6 months.

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