WASHINGTON (Alliance News) – Crude oil prices were lower Monday, even as major producers are set to meet in a few weeks to discuss new output quotas.
With Iran pledging to make up for any lost market share during sanctions, however, any deal between Saudi Arabia and Russia may have little effect on oil prices.
Meanwhile, US supplies are brimming, as evidenced by recent data showing record stockpiles at Cushing, Oklahoma.
May WTI oil settled at USD39.39/bbl on Nymex, down 7 cents, or 0.2%.
Crude oil prices may have levelled off over the past few weeks, but USD50 per barrel by May a possibility, says Credit Suisse bank.
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