Crude oil sinks on fears output not to be cut

Crude oil sinks on fears output not to be cut

Crude Oil Prices News

HONG KONG: World crude oil prices sank further in Asian trade
on Monday as the investors fear that top producers would not agreed to cut production.

In early trade Monday Brent and West Texas Intermediate were
down almost one percent.

Moreover, both main crude contracts slumped around four percent on
Friday owing to disagreements over how to implement a reduction
deal, with Iran and Iraq pressing to be excluded and Russia suggesting it will only freeze output.

News that Saudi Arabia, the kingpin of the OPEC cartel, had walked out
of talks on Monday — and suggested demand will pick up in 2017 — has
fanned fears a hoped-for settlement will not be reached before its twice-yearly meeting Wednesday.

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