Oil
extended declines after Saudi Arabia’s deputy crown prince said the
kingdom will only freeze output if Iran follows suit, putting in doubt
the success of a proposed deal between major producers.
Futures
declined as much as 1.6 percent in New York after a 4 percent drop on
Friday. Saudi Arabia’s Mohammed bin Salman signaled in a interview with
Bloomberg that if any country raises output, his nation will also boost
sales. With producers scheduled to meet this month to discuss a pact on
capping supplies, Iran’s oil minister said he’ll attend the gathering if
he finds the time. Russian oil production set a post-Soviet high in
March.
West
Texas Intermediate for May delivery dropped as much as 58 cents to
$36.21 a barrel on the New York Mercantile Exchange, and traded at
$36.28 at 9:13 a.m. Singapore time. The contract fell $1.55 to $36.79 on
Friday. Total volume traded was about 40 percent above the 100-day
average.
Source: Bloomberg
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