Oil Falls Again as IMF Cuts Forecast; Iran Hints at $25 Oil
NEW YORK (Reuters) - Oil fell as much as 5 percent on Tuesday after the International Monetary Fund cut its 2015 global economic forecast on lower fuel demand and key producer Iran hinted prices could drop to $25 a barrel without supportive OPEC action.
An expected slide in the U.S. oil rig count in the first quarter compared with the fourth quarter of last year failed to boost sentiment as traders and investors remain glued on concerns of oil oversupply.
Oil prices are hovering near six-year lows after a seven-month long selloff on worries of a glut caused primarily by unexpectedly high production of U.S. shale crude.
Benchmark Brent crude was down 48 cents at $48.36 a barrel by 1533 GMT, after touching a session low at $47.78.
U.S. crude traded down $2.12 at $46.57, after an intraday bottom at $46.23.
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