During Tuesday’s Asian trade crude prices kept going down, following choking skepticism that major crude producers would come to a compromise to freeze their output at the upcoming meeting, which should take place a bit later this month.
In New York, May delivery crude futures boasted a $0.18 sag, trading at $35.52. Then, June Brent oil futures traded at $37.54 per barrel, showing a $0.15.
Last month oil prices rallied following expectations that key oil producers, including current OPEC members and non-members were moving towards a collective production freeze right at January levels. Additionally, the revenues faded away for the last few days when Saudi Arabia told on Friday it would freeze its output once Iran joined the initiative.
Iran previously stressed that it would freeze its output as soon as pre-sanctions got reached. On Sunday, Iran’s oil minister reported growing oil exports from his country.
By the way, this week, market participants will be watching American weekly crude production as well as inventory data from the EIA.