Oil Down Monday On New Oversupply Fears, Despite Iran

[dowmike + 37]

Interesting that suddenly sentiment that Iran sanctions will remove a ton of supply from the market have been overridden by OPCE and US supply. Another data dump shows that OPEC output rose by 220,000 bpd between July and August. Iraq production hit a record, and Libyan production has recovered (but no one should bet on that lasting, re Libya). Also oil rigs in US were added for first time in three weeks.