The global crude oil benchmark Brent hit $27.67 a barrel early on Monday, its lowest since 2003, before recovering to $28.83 a barrel, with analysts suggesting the return of Iranian exports has already been priced in.
US crude was up 23 cents at $29.65 a barrel, not far from a 2003 low of $28.36 hit earlier in the session, Reuters reported.
Iran, a member of the Organization of the Petroleum Exporting Countries, issued an order on Monday to increase production by 500,000 barrels per day after the lifting of sanctions against the country over the weekend.
"We were watching Asia when it opened, in terms of how markets digested (the news) over the weekend, and it did suggest to a fair degree that it (the lifting of sanctions) has been priced in," said Miswin Mahesh, of Barclays Capital.
