Iran says oil prices down on stronger dollar

TEHRAN, Sept 14 (Reuters) – Iran’s oil minister said on Sunday the stronger dollar was behind falling oil prices, and said the market was still oversupplied with oil as OPEC’s decision to cut output had not been fully implemented.

The Organisation of the Petroleum Exporting Countries agreed at a meeting last week to reduce the group’s output by 520,000 barrels per day over 40 days, after crude prices slid from a record above $147 a barrel in July to near $100 a barrel.

Reuters