Oil prices fall amid rising Iran output

SINGAPORE: Oil futures fell more than half a dollar yesterday given worries rising Iranian output would deepen a global oversupply, offsetting expectations of a drop in US production that had spurred sharp price gains in the previous session.

Key oil exporters Saudi Arabia and Russia have proposed to freeze output at January levels, which were near record highs, only if other producers also do the same. But Iran, now free of western sanctions that hurt its crude trade, is seen as unlikely to join, casting doubts over whether the freeze will happen.