SINGAPORE: Oil prices recovered from 12-year lows in Asia on Tuesday but remained below $30 a barrel, as Iran ordered a boost to crude production after the West lifted sanctions, exacerbating an already oversupplied global market.
Prices sank to depths not seen since 2003 on Monday, a day after the United States and Europe lifted the crippling economic sanctions in exchange for Tehran’s compliance with a deal to curb the country’s nuclear ambitions.
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