Brent and NYMEX move down in Asia
On Monday, oil prices sank in Asia with the outlook for a freeze on production by key producers looking mostly unlikely this month, although comments at the weekend suggested that talks are still going on.
In New York, October delivery American crude futures dropped 1.79%, trading at $45.06 per barrel. Meanwhile, in London, November delivery Brent futures eased 1.60%, hitting $47.24 per barrel.
OPEC members are set to discuss a probable production cap at an informal gathering on the sidelines of an energy conference between September 26-28 in Algeria. However, a great number of market participants remain doubtful that talks will generate any agreement aimed at propping up crude prices.
Instead, many of them are assured that crude producers will keep monitoring the market and probably postpone freeze talks to the official OPEC gathering in Vienna on November 30.
An attempt to jointly freeze output levels earlier this year failed after Saudi Arabia supported Iran's refusal to take part of that initiative.