In early Friday’s Asia trade, crude oil prices went down as worries about an unrelenting oversupply and quite low expectations for a collective supply curtail kept market participants in a bearish sentiment.
Oil prices stood mainly in the red overnight, though grew towards the end of the trading session right after Eulogio Del Pino, the oil minister of Venezuela told that four oil-producers, including Venezuela, Saudi Arabia, Qatar and certainly Russia are going to have a meeting in mid-March in order to discuss efforts aimed at stabilizing the oil market.
Meanwhile, in New York sweet, light crude oil futures for April delivery traded at $33.05, a $0.01 sag. Additionally, in London, April Brent crude divided to $35.11, which was a $0.12 decline.
In the beginning of the last week, the market cheered, when the four key oil producer came to a compromise as for a conditional plan in order to hold future crude production flat at the January level just to support prices. On the other hand, without Iran’s consent, which has already denied a production freeze until the country’s output hits pre-sanctions level of about four million barrels a day, it still remains to be seen how much support the given plan will obtain from other members of the OPEC.