Dubai – Mubasher: Global oil prices fell on Monday, amid expectations about an increase in supply, coupled with projected rise in the US dollar exchange rate.

A report issued by NBK showed that the US dollar maintained its strength amid mixed fiscal policies.

Investor worries about a glut in oil output intensified after Iran’s Oil Minister Bijan Namdar Zanganeh said his country can boost oil production in one week after international sanctions are lifted, and OPEC’s refusal to accommodate Iran in export markets would result in lower crude prices.

Production can increase by 500,000 barrels a day within a week after sanctions end and by 1 million barrels a day within a month following that, state-run Islamic Republic News Agency reported.

US crude for August delivery fell by 1.45% or $0.67 early Monday to stabilise at $46.45 per barrel. Brent declined by 2% to $51.13pb.