Oil Prices Slip On Doubts Potential Output Cap Will Erode Glut

Oil futures eased on Tuesday, eroding some of the previous day’s gains, over doubts a potential production freeze will have any impact on a supply glut.

Oil today

Big oil exporters Saudi Arabia and Russia have proposed to freeze output at January levels, which were near record highs, only if other producers also do the same.

Also, Iran, now free of western sanctions that hurt its crude trade, is seen unlikely to agree to an output cap.

International benchmark Brent crude futures was 34.60 dollars a barrel , while U.S. crude futures was 33.15 dollars a barrel.

Categories: World News

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