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Oil prices sink below $32 for first time in 12 years

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New York - World oil prices fell below $32 a barrel on Monday for the first time in 12 years amid signs that Iran could be free to increase exports within weeks.

In New York trade, US benchmark West Texas Intermediate for February delivery slumped $1.75 to $31.41 per barrel, a level last witnessed on December 23, 2003.

European benchmark Brent North Sea crude for February delivery dropped $1.61 to $31.55 a barrel, a low last seen in April 2004.

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ZAR/USD
17.61
(+0.34)
ZAR/GBP
23.01
(+0.20)
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20.76
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