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By Bloomberg

Brent held losses near a two-week low on signs a global glut that drove prices lower will persist and amid a broader rout in commodities.

Futures were little changed in London after falling 0.8 percent Monday. Iran plans to regain market share regardless of the impact on prices, Oil Minister Bijan Namdar Zanganeh said in Tehran. While U.S. crude stockpiles are forecast to have declined last week, supplies remain almost 100 million barrels above the five-year average for this time of the year.

Brent’s recovery from a six-year low has faltered amid speculation the surplus will be prolonged as Iran seeks to bolster shipments, while leading members of the Organization of Petroleum Exporting Countries pump at record levels to defend market share. The full impact of higher Iranian exports won’t be felt until 2016, banks including Citigroup Inc. predict.

“The broader picture still remains, we’re in a supply glut,” David Lennox, an analyst at Fat Prophets in Sydney, said by phone. “The sentiment will be bearish for a while until we see what Iran can actually do in terms of getting new production into the market.”

Brent for September settlement was at $56.56 a barrel on the London-based ICE Futures Europe exchange, down 9 cents, at 10:46 a.m. Sydney time. The contract decreased 45 cents to $56.65 on Monday, the lowest close since July 6. The European benchmark crude was at a premium of $6.21 to West Texas Intermediate for September.

WTI for August delivery, which expires Tuesday, was at $50.03 a barrel in electronic trading on the New York Mercantile Exchange, down 12 cents. The contract dropped as low as $49.85 on Monday, the first time below $50 since April. The more-active September contract slid 11 cents to $50.33. The volume of all futures traded was about 56 percent below the 100-day average.