Oil prices extend losses as output freeze hopes fade

AFP, SINGAPORE: Oil prices tumbled further in Asia yesterday on dwindling hopes that key producers will reach an agreement to freeze output when they meet this month to discuss a global supply glut.
After breaking above $40 in March on expectations for the Russia-Saudi Arabia-led talks, the commodity has tumbled in recent weeks The April 17 Doha meeting aims to agree to cap output at January 2016 levels, but analysts say only a production cut can lead to a sustained recovery in prices.
The losses were fanned Friday when Saudi deputy crown prince Mohammed bin Salman said his country would only agree to limits at the gathering if it was matched by Iran and other major producers.
His comments sent oil prices diving four per cent Friday, and extended the falls this week.

Oil prices extend losses as output freeze hopes fade

AFP, SINGAPORE: Oil prices tumbled further in Asia yesterday on dwindling hopes that key producers will reach an agreement to freeze output when they meet this month to discuss a global supply glut. After breaking above $40 in March on expectations for the Russia-Saudi Arabia-led talks, the commodity has tumbled in recent weeks The April 17 Doha meeting aims to agree to cap output at January 2016 levels, but analysts say only a production cut can lead to a sustained recovery in prices. The losses were fanned Friday when Saudi deputy crown prince Mohammed bin Salman said his country would only agree to limits at the gathering if it was matched by Iran and other major producers. His comments sent oil prices diving four per cent Friday, and extended the falls this week.