Oil prices drop

New York, March 15 (IANS) Oil prices dropped as Iran planned to increase its production to the level before the sanction.

The West Texas Intermediate for April delivery on Monday moved down $1.32 to settle at $37.18 a barrel on the New York Mercantile Exchange, while Brent crude for May delivery decreased 86 cents to close at $39.53 a barrel on the London ICE Futures Exchange, Xinhua news agency reported.