An Italian construction group said Tuesday it had signed a preliminary agreement with Iran to build five hospitals, just after the lifting of economic sanctions against Tehran in a deal over its nuclear program.

Pessina Costruzioni will build the first three 1,000-bed hospitals in Tehran.

U.S. crude prices extended losses Wednesday, heading towards $27 a barrel, as the International Energy Agency (IEA) warned that the oil market could "drown in oversupply".

West Texas Intermediate (WTI), the U.S. benchmark, fell to levels last seen in September 2003, touching $27.49 at one point.

Adidas' incoming chief Kasper Rorsted faces major challenges when he takes over as the global sports brand's new CEO later this year as the company struggles to catch up with arch-rival Nike, analysts said.

Investors feted the announcement on Monday that Adidas had successfully poached the 53-year-old Dane from consumer chemicals giant Henkel, with the group's shares the biggest gainers on the Frankfurt stock exchange. 

Cobalt mined dangerously by children in the Democratic Republic of Congo could end up in the lithium batteries of smartphones and electric cars made by Apple, Samsung or Sony, Amnesty International said Tuesday.

After questioning 16 multinationals, the human rights watchdog said world-class electronics brands are failing to ensure that no child miners were involved in lithium-ion batteries used in their products, according to a joint report released with Afrewatch.

Gulf states are not expected to drop their long-term monetary link to the U.S. dollar after the sharp drop in oil prices and fiscal reserves, Standard and Poor's said Tuesday.

"We expect (Gulf Cooperation Council) GCC countries to maintain the exchange rate peg over the medium term, mainly because we assess GCC states as having sufficient funds available to defend their currencies," the ratings agency said.

Growth in OPEC heavyweight Saudi Arabia will slow to its lowest rate in seven years, the International Monetary Fund said Tuesday, as oil prices continue their dramatic fall. 

Revising down its last forecast, the IMF predicted that the Saudi economy will grow by just 1.2 percent in 2016 -- compared with the 2.2 percent it estimated in October.

Russian gas giant Gazprom on Tuesday fired off a new salvo in Moscow's feud with Ukraine by demanding some $2.5 billion for Kiev allegedly breaching its supply contract. 

Gazprom said in a statement that under the terms of its deal with Ukraine state firm Naftogaz, Kiev had to buy a minimum annual amount of gas from them or face a penalty and that supplies had fallen short of the required level in the third quarter of last year. 

Oil prices recovered from 12-year lows in Asia Tuesday but remained below $30 a barrel, as Iran ordered a boost to crude production after the West lifted sanctions, exacerbating an already oversupplied global market.

Prices sank to depths not seen since 2003 on Monday, a day after the United States and Europe lifted the crippling economic sanctions in exchange for Tehran's compliance with a deal to curb the country's nuclear ambitions.

Iran on Monday ordered as planned an increase in its oil production of 500,000 barrels per day following the lifting of sanctions under its nuclear deal with world powers.

"With the removal of sanctions, Iran is ready to increase production by 500,000 bpd and today this order was issued," Rokneddin Javadi, the head of the National Iranian Oil Company and the deputy oil minister, said in a statement.

OPEC said Monday that it expects a "rebalancing process" to begin in 2016 as the sharp fall in the oil price causes production from non-cartel competitors such as the US to fall after seven years of "phenomenal" growth.

If the prediction is accurate, it would make a victory of sorts for OPEC's strategy of keep the oil flowing despite crude sliding to below $30 a barrel -- from over $100 in 2014 -- to defend its market share.